Low global copper supply imperils climate goals, Freeport CEO says (Reuters – October 21, 2021)


Oct 21 (Reuters) – Low global supplies of copper – a key metal used in wiring, electric vehicles and other electronics – will crimp global climate ambitions unless regulators green light more mines, the chief executive of Freeport-McMoRan Inc (FCX.N) said on Thursday.

The warning comes as global leaders plan to discuss climate mitigation efforts later this month at the COP26 conference even as some host communities and environmentalists increasingly oppose new mines for so-called strategic metals.

“There’s going to be a time when the world is going to be very short of copper,” Freeport CEO Richard Adkerson told investors after the company posted better-than-expected quarterly results. “Supply is a real issue for this industry.”

In an early warning sign, stockpiles of available copper in the London Metal Exchange’s global warehouse system fell last week to levels not seen for more than 25 years.Governments in Peru and Chile – the world’s two largest copper producers – have recently threatened to increase mining taxes and regulations.

For the rest of this article: https://www.reuters.com/business/freeport-quarterly-profit-jumps-higher-copper-prices-2021-10-21/