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Vale, Anglo American underline ESG issues as copper demand soars
Image: Vale
Global miners such as Brazil’s Vale, Anglo American PLc and Chile’s Codelco said they expect demand for copper to strengthen in coming years on growing demand for environmentally friendly cars, while the mining industry reckons with questions about its own sustainability.
Mining executives said during a webinar about copper on Friday that higher demand for the metal was an opportunity for the industry to improve its image by adopting more socially-conscious practices.
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“The society will not tolerate the way we operated before,” said Ruben Fernandes, base metals CEO for Anglo American PLc, adding the industry now had an opportunity to build alliances with governments and populations to improve its image.
COPPER SEMINAR: Covid-19 impact on major copper miners lingers The impact of Covid-19-related mine closures, project deferrals and capital expenditure reductions will last into 2021 as well, major miners said at the Fastmarkets Copper Seminar on Friday March 12. In the âAdapting to the evolving mining sectorâ panel discussion, top executives from Freeport-McMoRan, Vale and Anglo American told Fastmarketsâ special correspondent Andrea Hotter about the lingering impact of mine closures and production cutbacks after Covid-19 brought economic activity to a sudden halt in 2020.
Kathleen Quirk, president and chief financial officer of Freeport-McMoRan, said production at its Cerro Verde mine in Peru had yet to be ramped back up to its pre-pandemic levels after it was put on suspension last year.
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