Copper prices are down more than 20% this year as covid-related shutdowns in China, surging power prices in Europe and ongoing inflation in the U.S. and elsewhere hurt demand.

"We continue to be astounded by the high-grade mineral potential of the Tintic district," said chairman Robert Friedland.

"It would be rare to see an outright decline in demand, but I think that's what we are going to see in Europe over the next 3-6 months," Citi analyst says.

Research company slashes its 2023 copper price forecast and predicts a return to $10,000-plus levels only in 2027 as long term structural deficits emerge.

Tampakan, considered the Philippines' biggest untapped copper-gold reserve, was stalled for over a decade but saw a glimpse of hope in May.

A meeting with Prime Minister Aníbal Torres has been set for Tuesday.

Investing in mineral-rich countries would be easier than building new mines in the US, said Benchmark Mineral Intelligence Executive Editor Henry Sanderson in an interview.