Mining giant Freeport-McMoran Copper & Gold Inc. (NYSE: FCX) could double its copper sales to China over the next three years, said Freeport's senior vice president of marketing and sales, Javier Targhetta.
At this time Freeport provides about 500,000 tons of copper to China, with expectations growth will soar to between 800,000 to 1 million metric tons by 2016.
Targhetta says since 2005 find the sale of copper concentrate to China have jumped 10 times. Copper concentrate is the material used in wiring and pipes.
“We hope to significantly increase sales to China in the coming three years,” Targhetta said. “We are one of the ones increasing our mined production. Certainly the Chinese market is a good one for us to place part of new concentrate that we will be producing.”
In 2013, estimates are China will increase its imports of copper concentrate by about 17 percent.
Now the price of copper needs to reverse to make it more profitable for Freeport and other copper suppliers.