In the fourth episode of Fastmarkets critical minerals podcast Fast Forward, Freeport-McMoRan CEO and president Kathleen Quirk tells host Andrea Hotter why there's a preference to build and not build new supplies of copper right now
The post Freeport-McMoRan’s Kathleen Quirk says copper scarcity means companies are buying rather than building new supply appeared first on Fastmarkets.
This episode goes live on July 30; find it wherever you get your podcasts.
In this upcoming episode of Fast Forward, Kathleen Quirk, CEO and president of Freeport-McMoRan, and Andrea Hotter, Fastmarkets special correspondent, discuss the key factors influencing the copper industry and the future challenges for this critical material to the energy transition.
Demand for copper is accelerating due to several mega trends:
The market often overreacts to short-term macroeconomic factors, causing significant price swings. However, the long-term fundamentals remain strong. Quirk says that unlike the supercycle 20 years ago driven by China’s emergence, today’s demand growth is rooted in a more diversified global base.
Several supply-side issues present challenges. Quirk says there are limited actionable copper projects today, and the lead times for developing new sources are longer.
Discovering new copper deposits is becoming increasingly challenging. Despite ongoing efforts, the industry faces hurdles in finding viable new sites. Lengthy permitting processes can delay projects significantly, with some running out of funds before they even start.
Quirk says, “if companies could invest, make discoveries, go forward with project development, they would be doing that all over the place. It just shows the scarcity of copper and it’s leading people to say if I do want exposure I may have to buy it rather than build it because building is very long term and uncertain.”
About Kathleen Quirk, CEO and president of Freeport-McMoRan
Kathleen Quirk has spent her career working for commodities companies and most of that time has been spent in copper. She’s been with Freeport-McMoRan since 1989. She was made chief financial officer in 2003. She became and remains president since 2021. Learn more about Kathleen and Freeport-McMoRan.
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