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Copper has become a hot topic due to its role in the green energy transition and its necessity for urbanization. However, the lack of incoming supply in the long term has experts concerned.

Due to its importance in construction, energy transmission and new technologies, copper is a critical metal needed to power the future of our society. However, mined supply has not kept pace with demand, with few new operations coming online, and older mines facing decreasing grades and lower outputs.

The term “peak copper” was coined because some experts believe that copper reserves may be diminishing. According to the US Geological Survey (USGS), more than 700 million metric tons of copper have been mined throughout history, and current economic global copper reserves stand at 980 million metric tons.

Nearly all of that mined copper is still in circulation, as the red metal’s recycling rate is higher than that of any other engineering metal, but it is still not enough to keep up with escalating demand. As a result, it’s prudent to know the top copper reserves by country, especially when considering investing in the copper mining industry.

Reserve data for this article was sourced from the USGS’s 2025 Mineral Commodity Summary and supplemented with datasets from Mining Data Online (MDO) and the UN Comtrade Database.

Top 5 copper reserves by country

The countries with the largest copper reserves are Chile, Australia, Peru, the Democratic Republic of Congo (DRC) and Russia. These five countries hold more than 55 percent of the world’s total copper reserves and will be critical to a world with soaring demand for copper.

Read on to learn about these copper kingpins.

1. Chile

Copper reserves: 190 million metric tons

Chile holds the largest copper reserves globally at 190 million metric tons, nearly as much as Australia and Peru hold combined. Additionally, Chile is also the world’s top copper producer, with its 5.3 million metric tons of copper in 2024 representing nearly a quarter of global output.

The mining industry is essential to the Chilean economy, making up more than 50 percent of the country’s exports and contributing US$40 billion of its GDP in 2023. Copper alone accounting for more than US$29 billion of that total.

Due to the sheer quantity of copper in the country, it should come as no surprise that Chile is home to the world’s largest copper mine, Escondida. According to MDO, Escondida produced 927,000 metric tons of copper in concentrate in 2024 and sits atop proven and probable copper reserves of 37.62 million metric tons. The mine is a 57.5/30/12.5 joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Japan’s JECO.

2. Australia

Copper reserves: 100 million metric tons

Australian copper reserves are pegged at 100 million metric tons, tying it for the second largest country by copper reserves. The resource industry is an essential sector in Australia, contributing AU$385 billion during the 2024/2025 fiscal year. Of that, copper was the sixth largest contributor with AU$13.2 billion, a AU$1.8 billion increase over 2023/2024.

While Australia hosts significant copper reserves, it lags the other countries on the list with similarly sized reserves in terms of production at 800,000 metric tons in 2024. More than a quarter of that came from BHP’s Olympic Dam mine in South Australia, which produced 216,000 metric tons of copper cathode. The polymetallic mine contains substantial proven and probable copper reserves totaling 10.68 million metric tons.

Another significant operation in Australia is Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Cadia Valley mine, which hosts probable reserves of 3.1 million metric tons of contained copper. Cadia Valley produced 87,000 metric tons of copper in concentrate in 2024.

2. Peru

Copper reserves: 100 million metric tons

Copper reserves in Peru stand at 100 million metric tons, tying it with Australia for the second largest copper country. Much like its neighbor Chile, copper is an essential part of Peru’s economy, accounting for 49 percent of the value of its US$47.7 billion in mining exports.

Peru is home to some of the world’s biggest mining operations, and produced 2.6 million metric tons of copper last year. Two mines accounted for a third of the country’s total output.

The top producer in the country is the Cerro Verde Complex, a 55/21/19.6 venture with Freeport-McMoRan (NYSE:FCX), Sumitomo Metal Mining (TSE:5713) and Minas Buenaventura (NYSE:BVN). Cerro Verde hosts hosts proven and probable reserves of 11.45 million metric tons of copper and produced 949 million pounds of copper metal in concentrate in 2024.

Not to be outdone, the second highest is Antamina, a 33.75/33.75/22.5/10 joint venture between BHP, Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck Resources (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). Last year, output at the mine fell just short of Cerro Verde’s at 941 million pounds of copper in concentrate. Antamina hosts a proven and probable reserve of 4.53 million metric tons of contained copper.

The mine with the largest copper reserves in Peru is Southern Copper’s (NYSE:SCCO) Toquepala mine, home to 13.79 million metric tons of copper in proven and probable reserves. The mine produced 496 million pounds of copper in concentrate last year.

4. Democratic Republic of Congo

Copper reserves: 80 million metric tons

Copper reserves in the Democratic Republic of Congo stood at 80 million metric tons in 2024, making it the fourth largest country by copper reserves. The DRC’s economic copper reserves have seen a staggering rise in recent years, climbing from an estimated 19 million metric tons in 2019.

The mining sector has been critical to GDP growth in the DRC, with copper being the largest contributor. World Bank reports that the extraction sector has outpaced other segments of the DRC’s economy, increasing 12.8 percent in 2024, while non-mining sectors grew by only 3.2 percent.

According to data from the United Nations, in 2023 the DRC exported US$17 billion in refined copper and unwrought alloys, a large jump from US$7.34 billion in 2019. The country’s copper ore exports contributed US$2.16 billion in 2023, nearly double the US$1.11 billion four years prior.

Among the contributing factors in the rise in mining and export activity has been the development of the Lobito Corridor, which connects mineral-rich regions in Zambia, the DRC and Angola to the port at Lobito in Angola.

This link allows greater access for large-scale operations like Ivanhoe Mines (TSX:IVN) and Zijin Mining’s (HKEX:2899,SHA:601899) Kamoa-Kakula complex in the Southern DRC. One of the largest copper operations in the world, Kamoa-Kakula hosts a probable reserve of 17.69 million metric tons of contained copper and produced 964 million pounds of copper in concentrate in 2024.

4. Russia

Copper reserves: 80 million metric tons

Russia’s copper reserves are estimated to be 80 million metric tons, tying it with the DRC. While commodities are important to the Russian economy, contributing US$417 billion in 2024, the metals sector represented 15 percent of that total at US$60 billion.

Russia has been under significant sanctions since it invaded Ukraine in February 2022. According to the UN Comtrade Database, Russia’s copper exports from in 2021 were valued at US$5.98 billion.

In 2024, Russia produced 930,000 metric tons of copper, an increase from the 890,000 metric tons produced in 2023. Among the main contributing factors was a ramp-up in production at Udokan Copper’s Udokan mine in Siberia, which was expected to produce 135,000 metric tons in 2024 and, according to the mine’s website, hosts a JORC-compliant copper resource of 26.7 million metric tons.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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Alice Queen (ASX:AQX) is a gold exploration company focused on district-scale discoveries and near-term production opportunities. Its flagship asset is the Viani Gold Project in Fiji, where early drilling indicates a major epithermal gold system, comparable to other systems along the Pacific Ring of Fire. Fiji itself hosts the 10 Moz Vatukoula Gold Mine, underscoring the region’s proven prospectivity. With a portfolio spanning both the Pacific Ring of Fire and Australia’s most prolific gold belts, Alice Queen combines strong geological potential with strategic access to capital.

The company’s secondary asset, Horn Island, hosts over half a million ounces of gold in a JORC-compliant resource. A 2021 scoping study indicated an NPV of more than AU$500 million, based on an internal update using AU$5,000/oz gold. Ongoing discussions with development partners aim to unlock value from this project, which has the potential to generate over AU$800 million in free cash flow across an eight-year mine life.

Alice Queen’s shareholder base is anchored by Gage Resource Development (51 percent) and supported by significant, well-funded Australian investors with a long-term outlook. The company is advancing a balanced strategy focused on drilling success, strategic partnerships, and asset-level monetization.

Company Highlights

  • High-impact Discovery at Viani in Fiji: Drilling at the Viani project has confirmed a significant low-sulphidation epithermal gold system with mineralization over a ~5 km strike, with assay results from recent drilling expected imminently.
  • Established Gold Resource at Horn Island: The Horn Island project hosts a 524,000 oz JORC-compliant gold resource and is being advanced through potential development partnerships, offering near-term monetization opportunities.
  • Strategic Financial Backing: Backed by major shareholder Gage Resource Development, a subsidiary of Beijing-based Gage Capital (US$1.6 billion AUM), ensuring access to growth capital and long-term support.
  • Exceptional Leadership: Led by a highly experienced management team with a successful track record in global business and resource development.

This Alice Queen Limited profile is part of a paid investor education campaign.*

Click here to connect with Alice Queen (ASX:AQX) to receive an Investor Presentation

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The Trump administration scored a major victory in the Supreme Court Thursday as the justices, in a 5-4 order, cleared his administration to slash more than $783 million in National Institutes of Health (NIH) research grants tied to diversity, equity and inclusion initiatives, LGBTQ issues and other hot-button topics.

The unsigned majority order said NIH ‘may proceed with terminating existing grants’ while leaving in place a partial block on issuing new directives. 

The move delivers a political win for Trump’s broader push to roll back DEI programs across the federal government.

The decision overturns rulings by lower courts that had blocked the cuts. In June, U.S. District Judge Angel Kelley of Massachusetts called the administration’s actions ‘arbitrary and capricious’ and said NIH had ‘failed to provide a reasoned explanation’ for cutting grants midstream. The 1st Circuit upheld her injunction in July, setting up Trump’s emergency appeal to the Supreme Court.

The Justice Department argued in its July 24 filing that leaving the injunction in place ‘forces NIH to continue funding projects inconsistent with agency priorities’ and warned the order ‘intrudes on NIH’s core discretion to decide how best to allocate limited research funds.’

Opponents framed the cuts as ideological. The American Public Health Association warned that ‘halting these grants would devastate biomedical research across the country, disrupting clinical trials and delaying urgently needed discoveries’ and said ‘the administration has offered no scientific basis for these cancellations — only ideology.’ 

A coalition of Democrat-led states led by Massachusetts argued that ‘patients should not be collateral damage in a political fight.’

News outlets stressed the stakes of Thursday’s decision. 

The Associated Press described the ruling as the court letting Trump cut $783 million in research funding ‘in an anti-DEI push.’ 

Reuters reported that ‘the Supreme Court in a 5–4 order cleared the way for the Trump administration to cut diversity-related NIH grants, though it left in place part of the ruling blocking new restrictions.’

Research groups warned of the cuts’ fallout. The Association of American Universities said the cuts ‘risk chilling scientific inquiry by discouraging researchers from pursuing politically sensitive topics.’ 

Scientists cautioned the decision could derail progress on diseases such as cancer and Alzheimer’s, even as the broader legal fight continues in the 1st Circuit and may return to the Supreme Court.

The Associated Press contributed to this report.

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Ukrainian President Volodymyr Zelenskyy said he wants a ‘strong reaction’ from the U.S. government if Russian President Vladimir Putin does not sit down with him for a bilateral meeting.

This comes as U.S. President Donald Trump is seeking to broker a peace agreement between the two countries that have been at war since Moscow’s February 2022 invasion of Ukraine, although Trump has conceded that Putin may not be prepared to make a deal.

Zelenskyy has said he has already agreed to a proposed meeting with Putin.

‘I responded immediately to the proposal for a bilateral meeting: we are ready. But what if the Russians are not ready?’ Zelenskiy said at a news briefing in Kyiv on Wednesday.

‘If the Russians are not ready, we would like to see a strong reaction from the United States,’ he added.

Trump separately met with both leaders in the past week, with Zelenskyy visiting the White House along with other European leaders earlier this week and the U.S. president meeting Putin in Alaska last week.

The White House has said Putin was willing to meet with his Ukrainian foe after a phone call this week with Trump.

‘President Trump spoke with President Putin by phone, and he agreed to begin the next phase of the peace process, a meeting between President Putin and President Zelenskyy, which would be followed, if necessary, by a trilateral meeting between President Putin, President Zelensky and President Trump,’ White House press secretary Karoline Leavitt told reporters on Tuesday.

The path toward peace between the two sides remains uncertain despite U.S. efforts for diplomacy, as the U.S. government and its allies attempt to work out potential security guarantees for Ukraine.

Zelenskyy said it was unclear what concessions about territory Russia was willing to make to end the conflict. Trump has previously said Kyiv and Moscow would both need to cede territory.

‘To discuss what Ukraine is willing to do, let’s first hear what Russia is willing to do,’ Zelenskyy said. ‘We do not know that.’

Reuters contributed to this report.

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The Pentagon has created a new medal for service members who’ve deployed to the southern border to assist federal law enforcement with President Donald Trump’s crackdown on illegal immigration. 

The Pentagon unveiled plans for a Mexican Border Defense Medal for U.S. troops serving with Joint Task Force Southern Border, according to a new memo the Pentagon released Aug.13 that was shared on social media. 

A U.S. defense official confirmed the authenticity of the memo to Fox News Digital Wednesday. 

Now, service members will receive the Mexican Border Defense Medal (MBDM) instead of the Armed Forces Service Medal (AFSM) like they previously earned for supporting Customs and Border Protection at the border, the memo said. 

The Armed Forces Service Medal, originally created in 1996 by former President Bill Clinton, is awarded to troops who have participated in a military operation with ‘significant activity,’ but didn’t encounter foreign armed opposition or imminent hostile action, according to a U.S. Army description of the medal. 

The Pentagon said in July that approximately 8,500 military personnel are assigned to Joint Task Force Southern Border, and have been tasked with responding to security threats there. The task force got underway in March and completed approximately 3,500 patrols between then and July, according to the Pentagon. 

Those eligible for the award must have deployed since Jan. 20 to support Customs and Border Protection, and served within 100-nautical miles from the international border shared with Mexico in either Texas, New Mexico, Arizona or California. 

Those who’ve also served in adjacent waters up to 24 nautical miles away from the border also are eligible. 

‘Service members must have been permanently assigned, attached, or detailed to a unit that deployed to participate in a designated DoD military operation supporting CBP within the (area of eligibility) during the (period of award) for 30 consecutive or nonconsecutive days,’ the memo said. 

Those who already have received the Armed Forces Service Medal for service at the southern border may appeal to receive the new award but are ineligible to receive both, according to the Pentagon. 

‘Service members and Veterans previously awarded the AFSM for DoD support to CBP may apply to their respective Military Service for award of the MBDM in lieu of the AFSM previously awarded to recognize such service; however, no Service member or Veteran may be awarded both the AFSM and the MBDM for the same period of qualifying service,’ the memo said. 

The Pentagon, per the direction of the president, has established four national defense areas along the border, bolstering U.S. troops’ capacity to assist Customs and Border Protection under the task force. 

The national defense areas operate under military jurisdiction, paving the way for U.S. troops to detain trespassers. Without placing these stretches of land under military jurisdiction, U.S. troops were barred from doing so under existing federal law. 

‘Through these enhanced authorities, U.S. Northern Command will ensure those who illegally trespass in the New Mexico National Defense Area are handed over to Customs and Border Protection or our other law enforcement partners,’ Air Force Gen. Gregory Guillot, commander of U.S. Northern Command, said in an April statement. ‘Joint Task Force Southern Border will conduct enhanced detection and monitoring, which will include vehicle and foot patrols, rotary wing and fixed surveillance site operations.’

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The Department of Justice (DOJ) is set to begin turning over documents related to Jeffrey Epstein to the House Oversight Committee Friday.

Committee Chair James Comer, R-Ky., told reporters Thursday that he had no timeline for when materials would be sent over, but confirmed he still expected files Friday.

Comer suggested that documents would be made public at some point after being assessed by the committee.

‘We’ll work as quickly as we can…this is sensitive information,’ the Kentucky Republican said in response to Fox News Digital asking about a timeline for a wide release. 

‘We want to make sure we don’t do anything to harm or jeopardize any victims that were involved in this. But we’re going to be transparent. We’re doing what we said we would do. We’re getting the documents. And, I believe the White House will work with us.’

Comer was directed to subpoena the DOJ for materials related to Epstein’s case via a bipartisan vote by committee members last month.

The subpoena deadline, originally set for earlier this week, was moved to Friday in an effort to accommodate the Trump administration – which Comer said was complying with his request.

‘There are many records in DOJ’s custody, and it will take the Department time to produce all the records and ensure the identification of victims and any child sexual abuse material are redacted,’ Comer said on Tuesday. ‘I appreciate the Trump administration’s commitment to transparency and efforts to provide the American people with information about this matter.’

He told reporters Thursday that he believed there were ‘hundreds and hundreds of pages’ of documents in existence.

‘It’s just a matter of getting it together and reviewing it, which I’m sure the Department of Justice is doing as we speak,’ Comer said.

Requested materials included all documents and communications in the DOJ’s possession relating to both Epstein and his accomplice Ghislaine Maxwell, as well as files ‘further relating or referring to human trafficking, exploitation of minors, sexual abuse, or related activity,’ according to a subpoena viewed by Fox News Digital.

Documents relating specifically to the DOJ’s prosecutions of Epstein and Maxwell, Epstein’s 2007 non-prosecution agreement with federal prosecutors in Florida, and any materials related to Epstein’s death were requested.

Renewed furor over Epstein’s case engulfed Capitol Hill after intra-GOP fallout over the Trump administration’s handling of the matter.

The DOJ effectively declared the case closed after an ‘exhaustive review,’ revealing Epstein had no ‘client list,’ did not blackmail ‘prominent individuals,’ and confirmed he did die by suicide in a New York City jail while awaiting prosecution.

In response to the backlash by some on the right, President Donald Trump and his DOJ have sought to take steps to make more information public.

Democrats seized on the backlash with newfound calls for transparency in Epstein’s case, prompting some on the right to accuse them of hypocrisy for not pushing the matter earlier.

When asked about that divide, House Oversight Committee member Rep. Jasmine Crockett, D-Texas, told reporters that Epstein’s case was not a priority for Democrats in the same way it was seen by the GOP.

‘I can tell you that Democrats, when they went out there and campaigned, they campaigned on costs, whether it was housing costs, whether it was food costs or whether they were campaigning on children, being able to get the education that they deserve in this country. This wasn’t a promise that we made. So this was not something that was front and center,’ Crockett said. 

‘I don’t see anything wrong with the fact that we were trying to do everything that we could to prevent our economy from being where it is right now. But ultimately, when people voted, they’re telling us that they voted for this particular reason. It’s important that we follow up.’

Fox News Digital reached out to the DOJ for comment but did not hear back by press time.

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The White House made headlines this week by finally joining TikTok. As someone who has been urging Republican leadership to modernize our outreach to young people for years, I believe this is a long-overdue step in the right direction. But joining TikTok isn’t enough on its own. To win over the next generation of voters, this White House must go further — and faster.

President Trump’s political comeback in 2024 wasn’t a fluke. It was built on connecting with youth voters in ways no Republican had ever tried before. When he tapped me to come on as chair of the RNC’s inaugural Youth Advisory Council in 2023, I told party leaders bluntly that the days of relying on a Sunday newspaper ad to deliver the GOP’s message were over. My generation doesn’t read the classifieds — we scroll feeds. We share memes. We stream podcasts. We are digital natives, and any party serious about winning our support has to meet us where we are.

That’s exactly what President Trump did. He embraced new platforms, leaned into long-form podcasts, and even launched a TikTok account that quickly became the fastest-growing account in the platform’s history. The results spoke for themselves. Nationally, 46% of Gen Z backed Trump in 2024, a 10-point surge from 2020. In Wisconsin, Republican support among 18-to-29-year-olds jumped from 36% in 2020 to 48% in 2024. That is a generational shift in motion.

But the work is far from over. The GOP holds the House at 218 seats — a razor-thin margin — and the results showed clear divides among young voters. Young men trended right while young women leaned left, especially on issues like abortion. The takeaway is obvious: Republicans can’t take their foot off the gas when it comes to modern youth outreach. 

And here’s the truth: if Republicans don’t stay in the game, others will. My peers are not only watching President Trump — they’re also listening to progressive Rep. Alexandria Ocasio-Cortez, D-N.Y. and even far-left figures like democratic socialist Zohran Mamdani, who could soon be mayor of New York City. 

Many in Gen Z are flirting with socialism because those voices are showing up online and on campus in ways conservatives too often don’t. If the White House and the GOP want to cement Gen Z gains, they need to get in the game now — not two years from now.

Here are three ways the White House can seize this moment:

1. Launch a White House Podcast — The Modern Fireside Chat

One of the biggest turning points in 2023 came when Trump started appearing on popular podcasts. These weren’t 7-minute cable news hits clipped for social media. They were long, unfiltered, authentic conversations lasting up to three hours. And they reached tens — sometimes hundreds — of millions of people, many of them first-time voters.

Young Americans are drowning in student debt, struggling to afford eggs, and working two jobs. They’re not paying for cable bundles. They’re streaming on YouTube and Spotify. That’s why podcasts were so effective — because they met people where they already were.

Now that he’s back in the Oval Office, President Trump should take it further by hosting a monthly White House podcast. Thirty minutes, once a month. It would be the modern equivalent of FDR’s fireside chats: a direct, unfiltered line from the president to the people. That kind of accessibility would deepen his connection with young voters and bypass the hostile filter of legacy media.

2. Take a Campus Speaking Tour

This May, just before he walked on stage to deliver the commencement address at the University of Alabama, I had the opportunity to meet with President Trump one-on-one. I told him directly: my peers don’t just want to see their president online — they want to see him on campus.

The impact of a campus speaking tour would be enormous. Universities are the beating heart of Gen Z political culture. Too often, conservatives have ceded that ground to the Left. But when Trump goes into these spaces — whether it’s a stadium filled with graduates in Alabama or a rally near a college town — students show up. And they listen.

The Kamala Harris campaign’s approach to keeping their monopoly on Gen Z last November was a political consultant’s fever dream: using trendy phrases like ‘joy’ in messaging, posting TikTok trends, and bringing our A-List celebrities. Up until that point, they executed the perfect made-in-a-lab playbook to win over my peers, but there was just one problem: she screamed at us instead of talking to us. 

There’s a difference between standing on stage next to Beyoncé and thinking that’s all you have to do to win over America’s youngest voters, and actually taking the time to fly to college campuses and throw out hot dogs in the student section like President Trump did in Tuscaloosa last October.

Remember when the world was shocked when Trump descended on the Bronx for a rally in a territory Republicans never talked about much less visited? That same feeling of excitement–of an unseen community being seen–could happen again if the president held a speech on Harvard’s campus. 

Imagine a presidential speaking tour that takes him to major universities across the country, not just red states but swing states where young voters could decide the balance of power in 2026. Hearing directly from the president of the United States, not filtered through CNN or MSNBC, would cut through the noise and give students a chance to engage with conservative ideas firsthand.

3. Keep the TikTok Account Active

Trump’s TikTok account broke records as the fastest-growing in the platform’s history. That momentum cannot go to waste now that the campaign is over. TikTok is where millions of young Americans spend their time, and the White House should treat it as a permanent tool for outreach, not just a campaign gimmick.

Behind-the-scenes videos, short policy explainers, and even lighter content showing the human side of the presidency would reach audiences that traditional news outlets will never touch. TikTok’s algorithm thrives on authenticity, and the White House has the chance to use it as a window into The People’s House — not just a political stage.

President Trump’s youth outreach strategy helped rewrite the rules of American politics. It showed Republicans that Gen Z isn’t a lost cause. In fact, we are trending conservative faster than any recent generation. But winning our support takes effort. It takes consistency. And it takes meeting us where we live — online and on campus.

Joining TikTok is a good move, but it must be the beginning, not the end. A monthly White House podcast, a presidential campus tour and a daily energetic presence on TikTok would send a clear message: this president isn’t just talking at young people — he’s talking with us. That’s how you prevent Gen Z from drifting toward AOC or Zohran Mamdani and instead lock in a generation for the conservative movement.

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Walmart on Thursday raised its full-year earnings and sales outlook as its online business posted another quarter of double-digit gains, even as the company said costs are rising from higher tariffs.

The big-box retailer topped Wall Street’s quarterly sales estimates but fell short of earnings expectations, the first time it missed on quarterly earnings since May 2022. The company said it felt pressure on profits for the period, including from some one-time expenses, such as restructuring costs, pricier insurance claims and litigation settlements.

Walmart said it now expects net sales to grow 3.75% to 4.75% for the fiscal year, up from its previous expectations of 3% to 4%. It raised its adjusted earnings per share outlook slightly to $2.52 to $2.62, up from a prior range of $2.50 to $2.60 per share.

In an interview with CNBC, Chief Financial Officer John David Rainey said the company is working hard to keep prices low — including speeding up imports from overseas and stepping up the number of Rollbacks, or limited-time discounts, in its stores.

“This is managed on an item-by-item and category-by-category basis,” he said. “There are certainly areas where we have fully absorbed the impact of higher tariff costs. There are other areas where we’ve had to pass some of those costs along.”

But he added “tariff-impacted costs are continuing to drift upwards.”

Even so, Rainey said Walmart hasn’t seen a change in customer spending. For example, sales of private label items, which typically cost less than national brands, were roughly flat year over year, he said.

“Everyone is looking to see if there are any creaks in the armor or anything that’s happening with the consumer, but it’s been very consistent,” he said. “They continue to be very resilient.”

Yet on the company’s earnings call, CEO Doug McMillon said middle- and lower-income households have been more sensitive to tariff-related price increases, particularly in discretionary categories.

“We see a corresponding moderation in units at the item level as customers switch to other items, or in some cases, categories,” he said.

Here’s what the big-box reported for the fiscal second quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:

Walmart shares fell about 2% in premarket trading Thursday.

Walmart’s net income jumped to $7.03 billion, or 88 cents per share, in the three-month period that ended July 31, compared with $4.50 billion, or 56 cents per share, in the year-ago quarter.

Revenue rose from $169.34 billion in the year-ago quarter.

Comparable sales for Walmart U.S. climbed 4.6% in the second quarter, excluding fuel, compared with the year-ago period, as both the grocery and health and wellness category saw strong growth. That was higher than the 4% increase that analysts expected. The industry metric, also called same-store sales, includes sales from stores and clubs open for at least a year.

At Sam’s Club, comparable sales jumped 5.9% excluding fuel, higher than the 5.2% that analysts anticipated.

E-commerce sales jumped 25% globally and 26% in the U.S., as both online purchases and advertising grew. In the U.S., Walmart said sales through store-fulfilled delivery of groceries and other items grew nearly 50% year over year, with one-third of those orders expedited. The company charges a fee for some of those faster deliveries, and others are included as a benefit of its subscription-based membership program, Walmart+.

Its global advertising business grew 46% year over year, including Vizio, the smart TV maker it acquired for $2.3 billion last year. Its U.S. advertising business, Walmart Connect, grew by 31%.

As Walmart’s online business drums up more revenue from home deliveries, advertising and commissions from sellers on its third-party marketplace, e-commerce has become a profitable business. The company marked a milestone in May — posting its first profitable quarter for its e-commerce business in the U.S. and globally.

Rainey said on Thursday that Walmart doubled its e-commerce profitability in the fiscal second quarter from the prior quarter.

In the U.S., shoppers both visited Walmart more and spent more on those trips during the quarter. Customer transactions rose 1.5% year over year and average ticket increased 3.1% for Walmart’s U.S. business.

As the largest U.S. retailer, Walmart offers a unique window into the financial health of American households. As higher duties have come in fits and starts — with some getting delayed and others going into effect earlier this month — Wall Street has tried to understand how those costs will ripple through the U.S. economy.

Walmart warned in May that it would have to raise some prices due to higher levies on imports, even with its size and scale. The company’s comments drew the ire of President Donald Trump, who said in a social media post that Walmart should “EAT THE TARIFFS.”

About a third of what Walmart sells in the U.S. comes from other parts of the world, with China, Mexico, Canada, Vietnam and India representing its largest markets for imports, Rainey said in May.

According to an analysis by CNBC of about 50 items sold by the retailer, some of those price changes have already hit shelves. Items that rose in price at Walmart over the summer included a frying pan, a pair of jeans and a car seat.

Rainey on Thursday declined to specify items or categories where Walmart had increased prices, saying the company is “trying to keep prices as low as we can.”

He said one of the company’s strategies has been bringing in inventory early, particularly for Sam’s Club as it gets ready for the second half of the fiscal year and its crucial holiday season. At the end of the quarter, inventory was up about 3.5% at Sam’s Club, Rainey said. It was up 2.2% for Walmart U.S.

On the company’s earnings call, McMillon said the impact of tariffs has been “gradual enough that any behavioral adjustments by the customer have been somewhat muted.”

“But as we replenish inventory at post-tariff price levels, we’ve continued to see our costs increase each week, which we expect will continue into the third and fourth quarters,” he said.

Yet even with higher costs from tariffs, Walmart has fared better than its retail competitors as it has leaned into its reputation for value, competed on faster deliveries to customers’ homes and attracted more business from higher-income households.

The Arkansas-based retailer’s performance has diverged sharply from rival Target, which posted another quarter of sales declines on Wednesday and named the new CEO who will be tasked with trying to turn around the company.

Walmart has gained from Target’s struggles. It has followed the Target playbook by launching more exclusive and trend-driven brands, including grocery brand BetterGoods and activewear brand Love & Sports. It has also expanded its third-party marketplace to include prestige beauty brands and more.

Sales of general merchandise, items outside of the grocery department, were a bright spot for Walmart in the fiscal second quarter, Rainey said. That category struggled during peak inflation in recent years, as consumers spent less on discretionary items because of rising grocery bills.

Comparable sales for general merchandise rose by a low-single-digit percentage and accelerated throughout the quarter, Rainey told CNBC. He added clothing and fashion sales “really shined for us.”

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NORTH KINGSTOWN, R.I. — The winged passenger ferry gliding over the surface of Narragansett Bay could be a new method of coastal transportation or a new kind of warship.

Its maker, Regent Craft, is betting on both.

Twelve quietly buzzing propellers line the 65-foot wingspan of Paladin, a sleek ship with an airplane’s nose. It looks nothing like the sailboats and fishing trawlers it speeds past through New England’s largest estuary.

“We had this vision five years ago for a seaglider — something that is as fast as an aircraft and as easy to drive as a boat,” said CEO Billy Thalheimer, jubilant after an hours-long test run of the new vessel.

On a cloudy August morning, Thalheimer sat in the Paladin’s cockpit and, for the first time, took control of his company’s prototype craft to test its hydrofoils. The electric-powered watercraft has three modes — float, foil and fly.

Billy Thalheimer, CEO and co-founder of REGENT, gestures after piloting the Viceroy Seaglider, a winged passenger ferry, following a test run on Narragansett Bay on Aug. 6.Charles Krupa / AP

From the dock, it sets off like any motorized boat. Farther away from land, it rises up on hydrofoils — the same kind used by sailing ships that compete in America’s Cup. The foils enable it to travel more than 50 miles per hour — and about a person’s height — above the bay.

What makes this vessel so unusual is that it’s designed to soar about 30 feet above the water at up to 180 miles per hour — a feat that hasn’t quite happened yet, with the first trial flights off Rhode Island’s seacoast planned for the end of summer or early fall.

If successful, the Paladin will coast on a cushion of air over Rhode Island Sound, lifting with the same “ground effect” that pelicans, cormorants and other birds use to conserve energy as they swiftly glide over the sea. It could zoom to New York City — which takes at least three hours by train and longer on traffic-clogged freeways — in just an hour.

As it works to prove its seaworthiness to the U.S. Coast Guard and other regulators around the world, Regent is already lining up future customers for commercial ferry routes around Florida, Hawaii, Japan and the Persian Gulf.

Regent is also working with the U.S. Marines to repurpose the same vessels for island-hopping troops in the Pacific. Those vessels would likely trade electric battery power for jet fuel to cover longer journeys.

With backing from influential investors including Peter Thiel and Mark Cuban, Thalheimer says he’s trying to use new technology to revive the “comfort and refined nature” of 1930s-era flying boats that were popular in aviation’s golden age before they were eclipsed by commercial airlines.

This time, Thalheimer added, they’re safer, quieter and emission-free.

“I thought they made travel easier in a way that made total sense to me,” Cuban said by email this week. “It’s hard to travel around water for short distances. It’s expensive and a hassle. Regent can solve this problem and make that travel fun, easy and efficient.”

Co-founders and friends Thalheimer, a skilled sailor, and chief technology officer Mike Klinker, who grew up lobster fishing, met while both were freshmen at the Massachusetts Institute of Technology and later worked together at Boeing. They started Regent in 2020.

They’ve already tested and flown a smaller model. But the much bigger, 12-passenger Paladin — prototype of a product line called Viceroy — began foil testing this summer after years of engineering research and development. A manufacturing facility is under construction nearby, with the vessels set to carry passengers by 2027.

The International Maritime Organization classifies “wing-in-ground-effect” vehicles such as Regent’s as ships, not aircraft. But a database of civilian ships kept by the London-based organization lists only six around the world, all of them built before it issued new safety guidance on such craft in 2018 following revisions sought by China, France and Russia.

The IMO says it treats them as marine vessels because they operate in the vicinity of other watercraft and must use the same rules for avoiding collisions. The Coast Guard takes a similar approach.

“You drive it like a boat,” Thalheimer said. “If there’s any traffic on the harbor, you’ll see it on the screen. If you see a boat, you’d go around it. We’re never flying over boats or anything like that.”

The REGENT Viceroy Seaglider on a test run on Aug. 6.Charles Krupa / AP

One of the biggest technical challenges in Regent’s design is the shift from foiling to flying. Hydrofoils are fast for a seafaring vessel, but far slower than the speeds needed to lift a conventional airplane from a runway.

That’s where air blown by the 12 propellers comes in, effectively tricking the wing into generating high lift at low speeds.

All of this has worked perfectly on the computer simulations at Regent’s headquarters in North Kingstown, Rhode Island. The next step is testing it over the water.

For decades, the only warship known to mimic such a ground-effect design was the Soviet Union’s hulking ekranoplan, which was built to fly under radar detection but never widely used. Recently, however, social media images of an apparent Chinese military ekranoplan have caught the attention of naval experts amid increasingly tense international disputes in the South China Sea.

Regent has capitalized on those concerns, pitching its gliders to the U.S. government as a new method for carrying troops and cargo across island chains in the Indo-Pacific region. It could also do clandestine intelligence collection, anti-submarine warfare and be a “mothership” for small drones, autonomous watercraft or medical evacuations, said Tom Huntley, head of Regent’s government relations and defense division.

They fly below radar and above sonar, which makes them “really hard to see,” Huntley said.

While the U.S. military has shown increasing interest, questions remain about their detectability, as well as their stability in various sea states and wind conditions, and their “cost at scale beyond a few prototypes and maintainability,” said retired U.S. Navy Capt. Paul S. Schmitt, an associate research professor at the Naval War College, across the bay in Newport, Rhode Island.

Schmitt, who has seen Paladin from afar while sailing, said he also has questions about what kind of military mission would fit Regent’s “relatively short range and small transport capacity.”

The possibilities that most excite Cuban and other Regent backers are commercial.

Driving Interstate 95 through all the cities that span Florida’s Atlantic Coast can take the better part of a day, which is one reason why Regent is pitching Miami as a hub for its coastal ferry trips.

The Viceroy seagliders can already carry more passengers than the typical seaplane or helicopter, but a growing number of electric hydrofoil startups, such as Sweden’s Candela and California-based Navier, are trying to stake out ferry routes around the world.

Thalheimer sees his vehicles as more of a complement than a competitor to electric hydrofoils that can’t travel as fast, since they will all use the same docks and charging infrastructure but could specialize in different trip lengths.

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Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has submitted applications to place two of its flagship copper projects in Argentina under a new investment regime.

The Switzerland-based firm is seeking to include the El Pachón deposit in San Juan and the Agua Rica deposit in Catamarca under Argentina’s recently introduced Incentive Regime for Large Investments (RIGI).

Together, the two projects represent a planned capital investment of about US$13.5 billion over the next decade — US$9.5 billion for El Pachón and US$4 billion for Agua Rica.

Both sites would benefit from a long-term economic framework with enhanced investor protections under the RIGI program, which the administration of President Javier Milei launched this year to attract foreign investment.

“President Milei and his administration must be credited for introducing the RIGI. This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment to the country,” Glencore CEO Gary Nagle said in the company’s announcement on Monday (August 18).

“The RIGI provides a key platform for the development of Argentina’s significant natural resource endowment,’ added Martín Pérez de Solay, CEO of Glencore Argentina.

‘I am confident that the mining sector can be a major contributor to the Argentinian economy with the El Pachón and Agua Rica projects supporting the country’s ambition to become one of the world’s leading copper producers.”

El Pachón is a large-scale copper and molybdenum deposit with estimated resources of about 6 billion metric tons (MT) of ore averaging 0.43 percent copper, 2.2 grams per MT silver and 130 grams per MT molybdenum.

For its part, Agua Rica hosts roughly 1.2 billion MT of ore with average grades of 0.47 percent copper, 0.2 grams per MT gold, 3.4 grams per MT silver and 0.03 percent molybdenum. Ore from Agua Rica would be processed at the existing Alumbrera facilities, located 35 kilometers away, through the MARA project framework.

The scale of Glencore’s expansion comes amid a broader strategic race among western producers to secure supplies of critical minerals needed for clean energy technologies, electric vehicles and defense applications. Copper in particular is considered vital to global electrification, and analysts warn that rising demand could soon outstrip supply.

US enforcement shift on Chinese metals

On Tuesday (August 19), the US Department of Homeland Security announced that imports of Chinese steel, copper and lithium will be targeted for “high-priority enforcement” under the Uyghur Forced Labor Prevention Act, a law restricting goods linked to alleged human rights abuses in China’s Xinjiang region.

“The use of slave labor is repulsive and we will hold Chinese companies accountable for abuses and eliminate threats its forced labor practices pose to our prosperity,” Homeland Security Secretary Kristi Noem said in a post on X.

US officials say the Xinjiang region hosts state-run internment camps where Uyghurs and other minority groups are subject to forced labor. Beijing has consistently denied the allegations, dismissing them as politically motivated.

The announcement expands Washington’s campaign to scrutinize goods with ties to Xinjiang, which has already affected solar panels, cotton and other commodities. The new focus on copper and lithium marks a significant escalation given both metals’ central role in renewable energy and battery production.

Global supply chains in flux

Together, Glencore’s Argentine projects and Washington’s enforcement measures highlight how critical minerals are becoming increasingly entangled with geopolitics.

China processes about 70 percent of the world’s rare earths and controls a major share of global copper and lithium refining capacity. Western governments are trying to diversify away from Chinese supply chains amid rising tensions.

Argentina, with its vast mineral reserves, has emerged as a key player in this strategy. The country is already a major producer of lithium and is positioning itself as a copper hub through projects like Glencore’s expansion.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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