Loading ...Freeport halts Grasberg mine, begins sending workers home
Shares in Freeport McMoRan Inc (NYSE:FCX), the world’s largest listed copper miner, were down 1% in pre-market trading Tuesday on the company’s decision to halt operations at its Grasberg mine in Indonesia.
The firm’s local unit, which has not been able to ship copper from the mine in over a month due to a ban on concentrate exports that kicked in on January 12, also said Tuesday it has begun sending workers home, Reuters reports.
The shutdown, which effectively happened Friday, comes after PT Freeport Indonesia ran out of space to store copper that has been backing up at the site. It also coincides with an ongoing strike at BHP Billiton’s Escondida copper mine in Chile, the world’s biggest.
cont. http://www.mining.com/freeport-halts-grasberg-mine-begins-sending-workers-home/