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“You never say never about M&A, because we keep relationships around the industry … but we’re not counting on that,” Kathleen Quirk told the Reuters NEXT conference in New York. “The stars and the moon and everything would need to align.”
The world’s largest publicly traded copper company produced 1.26 billion pounds (571,530 metric tons) of copper in the U.S. last year and 4.1 billion pounds (1.86 million metric tons) globally.
Freeport, which operates mines across the Americas and in Indonesia, would be interested only in buying a rival copper company or mine that could have synergies with its existing assets and technology, Quirk said.
Quirk called on the U.S. government to do more to protect the domestic copper industry from competitive global threats.
“If the U.S. wants to be self-sufficient in copper, some kind of incentive would help,” said Quirk, adding that permitting reform is one of the company’s other requests from Washington.
“We’re not going and asking Washington for handouts, but we are spending a lot of time with the administration to educate them on what we do.”
The disaster was caused by mud that breached a previously undetected hole in the mine’s retired open pit and rushed into a zone where a two-person electrical crew and a five-person boring crew were working. Mud reached that area in minutes.
Quirk went to Indonesia after the disaster to meet with the miners’ families and recovery workers.
“Our team has taken it very hard, but we’ve unified together, and we’re committed to coming out stronger and safer in the future,” Quirk said.
Reporting by Ernest Scheyder and Shariq Khan
Editing by Rod Nickel
Our Standards: The Thomson Reuters Trust Principles.
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