Portugal’s mining strategy may favour copper over lithium
Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.
According to The Globe & Mail, Christophe de Margerie, the CEO of French energy giant Total on a tour of Canada’s oil sands with members of the company’s international advisory board this week, believes the resource is playing an increasingly important role in setting the global price of crude.
Through a string of deals, kicked off by the $1.67bn acquisition of Deer Creek in 2005 and topped by the $1.7bn partnership with Suncor announced late last year, Total has become one of the largest oil sands players. The company plans to spend $20bn in the oil sands by 2020, but no further acquisition are planned reports the Calgary Herald.
Reporting in the The Globe & Mail, Nathan Vanderklippe quotes Christophe de Margerie:
““Because of the cost of the Athabasca crude, we are in a way helping the price at least stay high,” Mr. de Margerie said. “But if you don’t produce it, it’s even worse.”
The Calgary Herald reports on Christophe de Margerie speech to an audience of the Calgary Chamber of Commerce:
“Although the company has been an active on the acquisition trail, de Margerie said Total is happy with its position in Canada’s oil sands for the time being, suggesting “there are plenty of things to be done,” he said. “Of course if there is an opportunity, we will see, but, I mean, we have the size in Canada for the time being which is sufficient.”
Map of Total E&P Canada’s assets in Alberta is supplied by the company:
