Freeport-McMoRan (FCX -4.8%) CEO Richard Adkerson sees big Chinese demand boosting copper, and...

|About: Freeport-McMoRan Inc. (FCX)|By:, SA News Editor

Freeport-McMoRan (FCX -4.8%) CEO Richard Adkerson sees big Chinese demand boosting copper, and to that end FCX will increase its capex budget to $4.3B in 2012 and $4.2B in 2013 from $2.5B last year. Since the world's top 10 copper mines combined produce only ~5M tons/year, handling increased demand would require "significant investment" in new reserves.

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