By Ernest Scheyder HOUSTON (Reuters) -Freeport-McMoRan hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals,

Fifty minerals, but not copper, are considered critical by the U.S. Geological Survey. Adding that metal would help Freeport generate more than $500 million annually in tax credits tied to the U.S. Inflation Reduction Act, Quirk told Reuters on the sidelines of the CERAWeek energy conference in Houston.

Freeport McMoRan ( NYSE: FCX) CEO Kathleen Quirk said Monday she hopes President Trump will declare copper a critical mineral, a move that would unlock tax credits needed to boost U.S. production of the metal.