Freeport McMoran's Global Copper and Gold Outlook
Freeport McMoran Copper and Gold has certainly felt the impact of an uncertain housing market. Copper is a key component for used for wiring and new plumbing in new construction. This has affected the copper producers, including Freeport McMoran Copper and Gold.
In a CNBC exclusive with Maria Bartiromo sat down with President and CEO Richard Adkerson to discuss the global economy and the future of the commodities space.
Adkerson admits that U.S. demand has been weaker than people had expected, but commodities are priced based on global supply and demand. And globally, things are looking pretty good. China has been investing heavily in the nation’s infrastructure, Adkerson said “China is strong and we have confidence it will stay that way.”
When asked about its mines in Peru, Adkerson commented that Freeport McMoran “has been able to operate through strikes and we’ve been successful.” That’s not the only place the company is facing labor issues. Freeport McMoran faced its first strike in Indonesia and is working with the Indonesian government to reach a resolution.
While Adkerson says slow growth in the U.S. is likely to continue into 2012, the Eurozone remains the question mark.
Crystal Lau contributed to this article.
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