Energy takeover is a clear sign of the metals-to-energy shift
Freeport-McMoran announced a $6.9B takeover of Plains Exploration, an oil company.
Both companies are based in the US, so there are no direct FX implications but an copper/gold mining giant investing its free cash flow in the oil industry is telling.
It bodes well for takeovers/investment in Canada’s oil industry and the US bakken fields. It’s also another sign that the Australian mining boom is over.