Freeport's stock price is falling sharply. The Grasberg mine accident will lead to a decrease in copper and gold production.

Freeport's stock price fell as much as 9.6% in pre-market trading on Wednesday. The company had previously announced that production at its Grasberg Block Cave mine in Indonesia had been suspended following a fatal mudslide accident, leading to a decrease in copper and gold production in the short term and a potential delay in returning to pre-accident operating levels until 2027. In other stock news, Teck Resources rose 5.3% and Southern Copper rose 4.4%. Meanwhile, in Europe, copper companies Antofagasta, KGHM, Anglo American, Glencore, and Boliden all saw boosts in their stocks following this news.