Copper Price news, page-1461

Freeport MacMoran(FCX) CEO Richard Adkerson released a video statement today about the strong copper price. Low Cu prices will not bring forward copper exploration and high prices are needed to enable better exploration. He doesn't see the copper price moving backward to several years earlier due to the increased costs of mining.

"If FCX had a brownfield project and if the copper price were to triple overnight, we would still be 6-10 years away from being able to add any significant production. Currently, there is just an absence of actionable Greenfield tier 1 projects."
FCX(Freeport) project Grasberg was one of the last major tier 1 copper projects and was discovered in 1988.
(There have been a few ie; Kamoa Kakula but that is Ivanhoe not FCX)
Grasberg is in the top 10 copper producers globally.

Richard also talked about a Caterpillar haul truck prototype they have been looking at. A normal haul truck has around 500 lbs of copper in it. This prototype uses about 8,000 lbs of copper and its batteries weigh in at 16,000 lbs which will have replaceable battery packs due to battery life fatigue. Apparently, they have a short life due to cycles per day. FCX are looking to transition its fleet of haul trucks into electrically operated types due to ESG compliance.
Gragberg has now completed open pit mining and is now block cave 2.5- 2.6 km underground mining using fully automated electric trains to ferry crushed ore to a collection point then, an elevator to the surface.

Richard went into detail of why tier 1 producers including FCX will not be advancing on smaller projects. Economically paying a premium takeover payment to a small mining company, the profit goes to the other company not to FCX. These small operations do not encompass economies of scale so not worthwhile.
Just shows how lucky OZL was with the BHP takeover. Looks like it basically happened due to BHP having the ability to advance the greenfield West Musgrave nickel/copper project. BHP currently mine the largest copper mine in Australia at Olympic Dam with 138 ktpa Cu in 2022 due to smelter maintenance but expects 195-215 ktpa in 2023