Freeport-McMoran, the world’s largest publicly traded copper producer, would consider acquisitions, mergers or other deals once three ongoing expansion projects finish by 2022, CEO Richard Adkerson said in an interview on Tuesday.
Demand for copper is projected to surge this decade because of the rising popularity of electric vehicles, which use twice as much copper as internal combustion engines. That, in turn, is expected to fuel an M&A wave across the sector.
Despite that, Phoenix, Arizona-based Freeport’s shares are worth half what they were in 2010, dragged down by uncertainty over the company’s stake in a major Indonesian mine and debt from an ill-fated oil and gas venture.