https://www.miningweekly.com

Freeport CEO sees more copper deals after Glencore's Teck bid

Freeport CEO Richard Adkerson

Freeport CEO Richard Adkerson

6th April 2023

By: Bloomberg

  

Font size: - +

Glencore's proposed $23-billion takeover of Teck Resources is part of a copper consolidation trend that will yield more deals as investors demand growth in an industry struggling to tap new deposits, according to the world’s top publicly traded producer.

More deals are likely to emerge, Freeport-McMoRan Inc. CEO Richard Adkerson said in an interview Tuesday. Shareholders once focused on returns are now pushing companies to expand output as the shift away from fossil fuels boosts demand and new mines get trickier and pricier to build, he said.

Copper is a scare commodity and when opportunities to grow in the copper business emerge for whatever reason I think you’ll see companies moving to take advantage,” he said. Recent deals are “indications of what is likely to be part of the landscape of our industry going forward.”

Freeport, which has strengthened its balance sheet after an ill-fated foray into the oil business a decade ago, keeps an eye out for deals but is focused on its own projects, Adkerson said.

In the near term, demand for copper remains strong, Adkerson said, and “we are increasingly positive on the longer-term outlook.”

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.073 0.916s - 167pq - 2rq
Subscribe Now