https://www.engineeringnews.co.za
Copper|Gold|Mining|Water
Copper|Gold|Mining|Water
copper|gold|mining|water

Freeport's Adkerson pours cold water on Barrick Grasberg tie-up

Freeport McMoran CEO Richard Adkerson

Freeport McMoran CEO Richard Adkerson

24th February 2020

By: Reuters

  

Font size: - +

Freeport McMoRan is not interested in pulling the trigger on a deal for its Grasberg copper-gold mine in Indonesia, president and CEO Richard Adkerson said on Monday, tamping down speculation of a tie-up with Canadian miner Barrick Gold.

“Now’s just not the time for Freeport to think about doing a big strategic move," Adkerson said at the BMO Global Metals and Mining Conference in Hollywood, Florida.

Barrick CEO Mark Bristow has said the world's No. 2 gold miner is eager to deepen its exposure to copper and has said he sees no competition in pursuit of a deal for Freeport's flagship Grasberg mine.

Grasberg ranks as the world's second-largest copper mine and the largest gold mine and would enable Barrick to take advantage of demand for copper in the electric vehicle industry.

Bristow on Monday said Barrick has capacity for M&A but demurred when asked directly about his interest in a deal for Grasberg.

"My point is that copper is an inevitable part of gold mining in the future," he said during Barrick's presentation, which was webcast.

“You can interpret that whichever way you want," he added.

Freeport could revisit M&A in two to three years as copper prices improve and the miner's production outlook stablises, Adkerson said.

Edited by Creamer Media Reporter

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.085 0.143s - 158pq - 2rq
Subscribe Now