HR 1366 reverses the 2022 Ninth Circuit Rosemont decision, removing the key permitting bottleneck for copper and critical mineral development on federal land. Direct beneficiaries are copper miners with significant federal land exposure: FCX, SCCO, and BHP. The bill is already out of committee, passed the House, and is waiting on the Senate calendar. Market data shows FCX at $57.34 after a -6.08% 7-day drop, SCCO at $169.42 (-6.1% 7-day), and BHP at $78.71 (-1.39% 7-day) — all pulled down by the broad selloff in base metals, but this bill is a structural catalyst that removes a multi-year legal overhang.
→ Removes a key permitting obstacle for SCCO's US operations, notably the proposed Los Cuervos (Arizona) or other federally permitted expansions.