Freeport declares force majeure at Grasberg and cuts its 2025 sales forecast by 4% for copper

In what Goldman's commodity team dubbed a "black swan event", copper mining giaint Freeport-McMoRan (FCX) declared force majeure on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal, sending prices of the metal soaring. The US company also cut its copper and gold sales guidance for the quarter, now seeing ...

Two workers were found dead last weekend and five remain missing after a mud rush earlier this month at one of Freeport-McMoRan’s copper and gold mines in Indonesia, the company announced Wednesday. Around 800,000 metric tons of mud and debris entered the mine in the previously disclosed Sept. 8 incident, reaching the service level where the missing ...

Freeport-McMoRan said on Wednesday it was expecting consolidated sales to be lower by about 4% for copper and nearly 6% for gold in the third quarter, compared with its prior forecast, sending the miner's shares down 9% in premarket trading. Earlier this month, the company had temporarily halted mining in Indonesia's Grasberg mine after a large flow of wet ...