Mining Weekly reported that Freeport-McMoRan says that their move into the energy space last month is an important strategic step towards making the company a more serious contender as a resource company.

As quoted in the press release:

Freeport, the world’s largest listed copper producer, said early last month it would buy Plains Exploration & Production and McMoRan Exploration to enter the energy business. The $9-billion bid to buy the two US oil and gas companies has been criticised by investors as an expensive and unnecessary distraction.

To view the whole Mining Weekly report, click here.