Global copper giant Freeport McMoRan plans to expand production from its mines in Arizona, the company’s chief executive officer (CEO) said on Friday.
Richard Adkerson, Freeport’s CEO, told the media on Friday that the company could soon approve expansions at three of its mines in the US, increasing copper production by 250mn lbs (113,400mt) from the 2020 output of close to 1.4bn lbs from its seven active US mines. Per reports, the miner is betting on increased demand for the red metal based on President Biden’s move to electrify the auto sector in the US.
Adkerson added that the President’s initiative on climate change fuels copper as any electrification generally utilizes more copper. The company expects to sell about 1.7mn mt of the red metal globally in 2021, as it expands its Grasberg mine in Indonesia and plans to build a new smelter in the country with China’s Tsingshan Group.