{"id":107996,"date":"2021-02-25T18:32:09","date_gmt":"2021-02-25T18:32:09","guid":{"rendered":"https:\/\/fin2me.com\/?p=107996"},"modified":"2021-02-25T18:32:09","modified_gmt":"2021-02-25T18:32:09","slug":"freeport-eyes-u-s-expansions-as-bidens-ev-plan-boosts-copper-demand","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/freeport-eyes-u-s-expansions-as-bidens-ev-plan-boosts-copper-demand\/","title":{"rendered":"Freeport eyes U.S. expansions as Biden's EV plan boosts copper demand"},"content":{"rendered":"

(Reuters) – Freeport-McMoRan Inc is set to approve expansions at several of its U.S. copper mines to capitalize on surging demand for the red metal as President Joe Biden moves to electrify the nation\u2019s automobiles and combat climate change, Chief Executive Richard Adkerson told Reuters.<\/p>

FILE PHOTO: Freeport-McMoran CEO, Richard Adkerson poses for a picture during an interview with Reuters at the CRU’s World Copper Conference in Santiago, Chile April 9, 2019. REUTERS\/Rodrigo Garrido<\/figcaption>

The expansions would be a major bet on the U.S. economy – one of the company\u2019s largest markets – and also on the rising demand for electric vehicles (EVs), which use twice as much copper as internal combustion engines.<\/p>\n

Adkerson also said he has no desire to combine Freeport with Barrick Gold Corp or another gold producer and is working to give COVID-19 vaccines to about 25,000 workers at the Grasberg copper mine in Indonesia, which Freeport owns with that country\u2019s government. He also is aiming to double the size of the company\u2019s board of directors.<\/p>\n

Phoenix-based Freeport already produces more than 1 billion pounds of copper each year in the United States, little of which is exported. While the company opened a new U.S. mine last year in Arizona, it could soon greenlight expansions at three mines in the U.S. Southwest, Adkerson said, adding more than 250 billion pounds of copper each year to U.S. output.<\/p>\n

\u201cPresident Biden clearly has a commitment to addressing climate change, and any climate change initiative creates demand for copper,\u201d Adkerson, who became Freeport\u2019s chairman on Feb. 2, said in an interview this week. \u201cWe\u2019re very well-situated to address that with the assets we have.\u201d<\/p>\n

Biden met with lawmakers on Wednesday to discuss how to secure supplies of electric vehicles and the minerals used to make them.<\/p>\n

Just a year ago, Freeport worried about \u201cour ability to continue operating\u201d due to the coronavirus pandemic, Adkerson said. With copper prices hovering near $2 a pound last April, the company was forced to make budget and dividend cuts.<\/p>\n

Copper is a key barometer of economic health due to its use in manufacturing. In the last six months, copper prices have slowly rebounded to just above $4 a pound and Freeport\u2019s stock has more than doubled.<\/p>\n

\u201cNow we can turn our attention to focusing on these growth opportunities,\u201d Adkerson said, adding that any expansions would take several years to bring online. That timeline implies the company remains bullish on copper for the long run.<\/p>\n

The option to expand existing mines, rather than building new ones, gives Freeport an advantage over its rivals, Adkerson said. Rio Tinto Plc, for instance, is trying to build the Resolution Copper mine in Arizona, a project that Native Americans oppose on religious grounds. Adkerson declined to comment on that dispute.<\/p>\n

NO TIE-UP<\/h2>\n

The combination of Freeport\u2019s improving sales and stock price has seemingly shooed away potential bidders, including Barrick. Last year, Barrick CEO Mark Bristow expressed interest in Freeport.<\/p>\n

At the time, Barrick\u2019s market value was twice that of Freeport. Now, given its stock surge, Freeport is worth $20 billion more than Barrick. Bristow told investors last week his first priority now is to expand the assets Barrick already owns.<\/p>\n

\u201cI don\u2019t believe it makes sense to combine a company like ours with a gold company,\u201d Adkerson said. \u201cBut I don\u2019t criticize Mark (Bristow) for thinking we have good assets.\u201d<\/p>\n

Freeport\u2019s commitment to copper, Adkerson said, will remain and the company will avoid lithium, rare earths and other EV metals that are getting more attention on Wall Street. Adkerson, who has been CEO since 2003 and is now 74, said he has no plans to retire.<\/p>\n

\u201cWe\u2019re on the verge of really great success, and thank God I\u2019ve got the health and energy to be a part of it,\u201d he said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Freeport-McMoRan Inc is set to approve expansions at several of its U.S. copper mines to capitalize on surging demand for the red metal […]<\/p>\n","protected":false},"author":3,"featured_media":107995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nFreeport eyes U.S. expansions as Biden's EV plan boosts copper demand - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/freeport-eyes-u-s-expansions-as-bidens-ev-plan-boosts-copper-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Freeport eyes U.S. expansions as Biden's EV plan boosts copper demand - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – Freeport-McMoRan Inc is set to approve expansions at several of its U.S. copper mines to capitalize on surging demand for the red metal [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/freeport-eyes-u-s-expansions-as-bidens-ev-plan-boosts-copper-demand\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-25T18:32:09+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/02\/cnewsfotor27-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/freeport-eyes-u-s-expansions-as-bidens-ev-plan-boosts-copper-demand\/\",\"url\":\"https:\/\/fin2me.com\/markets\/freeport-eyes-u-s-expansions-as-bidens-ev-plan-boosts-copper-demand\/\",\"name\":\"Freeport eyes U.S. expansions as Biden's EV plan boosts copper demand - 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