Higher copper prices needed to build new supply, Freeport president says

Mining companies will need to see higher copper prices before they feel any incentive to push forward with new projects, the chief financial officer of US producer Freeport-McMoRan has said.

Higher prices will also be needed to attract more sources of copper scrap, Kathleen Quirk told Deutsche Bank’s 12th annual global basic materials virtual conference on Thursday June 10.
“We believe we’ll have to see higher prices to incentivize new mine supply, in addition to higher prices to attract more sources of scrap,” Quirk said, who is also Freeport’s president.

“The supply side has become more challenging. If you go back 10 years and look at the number and size of projects that were available to...

Published

Andrea Hotter

June 10, 2021

18:25 GMT

New York