Why it’s on the map
~40% of US-mined copper. Only US name with a windfall if refined cathode is added to Section 232 (Commerce decision overdue).
Government money & contracts
Project Vault ($10B EXIM critical-minerals reserve) is a potential buyer.
Customers & commercial
Global; Grasberg restart year-end.
Catalysts
Overdue Commerce refined-copper decision; Q3.
Risk
Rally driven by $14k LME copper, not tariffs; cathode still duty-free.
Tariff durability
232 copper currently semi-finished only.