On March 23 (Monday), Freeport-McMoRan CEO Kathleen Quirk said that despite market volatility driven by the Middle East conflict, global copper demand is expected to remain resilient, supported by long-term structural drivers such as electrification, data centers, and high-tech applications.
Copper, one of the most conductive metals, is widely used in motors, computers, batteries, and wiring, and is often viewed as a barometer of global economic health, earning the nickname “Dr. Copper.” The rapid expansion of the artificial intelligence sector is significantly increasing copper consumption, particularly for servers and related infrastructure.
However, copper prices have declined sharply since late February, following military actions involving the United States and Israel against Iran.
Quirk noted that while the market is reacting to uncertainty in global economic growth, the underlying drivers of copper demand are fundamentally long-term in nature. “The market is pricing in uncertainty around global growth, and ‘Dr. Copper’ influences perceptions of global risk,” she said on the sidelines of the CERAWeek conference in Houston.
As the world’s largest publicly listed copper producer, Freeport produced 1.3 billion pounds (589,670 tonnes) of copper in the United States last year, all of which was sold domestically, while its global output reached 3.38 billion pounds (1,533,142 tonnes).
In the United States, Quirk said Freeport is urging the federal government to introduce additional supportive measures for the copper industry, emphasizing that economic incentives are critical to encourage companies to invest domestically rather than abroad.
She added that the company remains open to acquisitions if suitable opportunities arise, but will continue to prioritize internal growth initiatives, including efforts to recover copper from waste rock through leaching processes.
Regarding the Democratic Republic of the Congo, where Freeport exited in 2016, Quirk said the company has not yet identified attractive opportunities for re-entry. “We remain open, but there are currently no compelling opportunities for us to return,” she said.
In Chile, Freeport recently submitted an environmental permit application for a $7.5 billion expansion project at the El Abra copper mine. Quirk noted that Chile’s government is showing a strong willingness to encourage investment, adding that further policy support is expected under the country’s new leadership.
[出处 – 上海有色网] 自由港CEO：尽管中东冲突持续，但对铜需求仍持乐观态度 https://news.smm.cn/news/103820392
