McMoRan has yet to see details of U.S. President Donald Trump's plan to impose a 50% tariff on copper imports starting next week, its CEO said on Wednesday after the mining company posted better-than-expected quarterly results.

Copper giant Freeport-McMoRan Inc. (NYSE:FCX) delivered stronger-than-expected second-quarter results on Wednesday, driven by robust copper and gold sales, improved pricing, and reduced costs. Following this positive earnings report,

Freeport-McMoRan stock fell after the miner trimmed its full-year guidance. The mining company says tariffs could cause the cost of goods purchased to rise by 5%.

Freeport-McMoRan could see a $1.6-billion boost to annual profit if President Donald Trump's copper tariff materializes, a benefit driven by the firm's role as the largest U.S. producer with more expansion options than rivals.

Shares of American metals firm Freeport-McMoRan surged Tuesday as President Donald Trump said at a Cabinet meeting that he would impose a 50% tariff on copper imports.

Miner Freeport-McMoRan beat Wall Street estimates for second-quarter profit, as higher copper and gold prices helped offset lower production.