Foreign media on April 6 news: Freeport McMoran CEO Richard? Mr Akkelson said this week that Glencore's proposed $23bn takeover of copper producer Teck Resources reflected the trend of consolidation in the global copper industry.
Because it is hard to develop new deposits, growth will mean more mergers and acquisitions.
Shareholders who once focused on returns are now pushing the company to expand production, Mr. Akkelson said, as the energy transition boosts demand for copper, the conductive and wiring metal, and new mines are harder and more expensive to build.
Copper is in short supply and recent deals are indicative of how the industry is going to evolve, he said. Freeport McMoran, for its part, has kept a close eye on mergers and acquisitions but is focused on its own projects. Copper demand is strong in the short term and the long-term outlook is increasingly positive.
