Glencore boss Gary Nagle said his company is the cheapest way to buy exposure to a coming copper boom as he predicted a renewed spree of dealmaking in the mining industry. The mining industry had largely turned its back on big-ticket deals after a series of disastrous transactions at the height of the last commodity boom, but a looming shortage of metal needed for the green-energy transition is likely to drive a new wave of consolidation, Nagle said in an interview last week.
said his company is the cheapest way to buy exposure to a coming copper boom as he predicted a renewed spree of dealmaking in the mining industry.
“If somebody wants to buy copper, we are the cheapest copper business there is in the world today, in my opinion, with a million tons of copper already,” said Nagle.Still, mega mergers aren’t the only option when it comes to dealmaking, Nagle said. One obvious way to boost production and lower costs could be by combining large mines that are located next to each other but owned by different companies, he said.
“There’s a lot of value to be created rather than just simply going out and buying another company,” Nagle said.
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