Lates News

The suspension of production at the giant Grasberg copper mine in Indonesia is expected to further strain the already tricky relationship between the mining company Freeport-McMoran Inc. and the Indonesian government, which has been seeking greater control. On Wednesday, Freeport announced that their supply contract had been affected by force majeure. Two weeks ago, around 800,000 tons of slurry surged into their underground pipeline, resulting in two workers dead and five others missing. The U.S. listed company significantly lowered its production expectations, causing a 17% drop in its stock price and pushing copper futures to their highest level in over a year.