Consolidation of the copper mining industry into a handful of supermajors similar to the oil and gas sector has the potential to lift output of the supply-constrained metal vital for the clean energy transition, according to the new boss of the world’s third-largest producer.
Despite concerns over deal costs, Kathleen Quirk, who took charge as chief executive of US-based Freeport-McMoRan last Tuesday, said reducing the sector from scores of groups into a small number of giants could be an effective way to buoy supplies needed to cut emissions in the decades ahead.
She believes only the biggest groups can execute the multibillion-dollar projects to increase the supply of the metal, which is widely predicted to suffer severe shortages in the next few years.