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"A Black Swan Event": Copper Prices Soar After FCX Declares Force Majeure At World's 2nd Largest Mine
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 4% lower copper sales and 6% lower for gold than July 2025 estimates - as it continues to search for five missing workers following an accident at the site two weeks ago. Two employees are confirmed to have died following a flow of about 800,000 metric tons of ... (full story)
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Freeport declares force majeure at Grasberg and cuts its 2025 consolidated sales forecast by 4% for #copper and 6% for #gold vs July 2025 estimates, it says. Comes after unprecedented mud rush fatally injures 2 workers, leaves 5 missing. Search ongoing FREEPORT-MCMORAN INC - UPDATES ON MUD RUSH INCIDENT AT GRASBERG MINE FREEPORT-MCMORAN INC - PT FREEPORT INDONESIA CONFIRMS TWO FATALITIES FROM INCIDENT FREEPORT-MCMORAN INC - SEARCH ONGOING FOR FIVE MISSING PTFI TEAM MEMBERS FREEPORT-MCMORAN INC - MINING OPERATIONS AT GRASBERG…
From bnnbloomberg.ca | Sep 25, 2025
Shares of Freeport-McMoRan tumbled Wednesday after the Phoenix-based miner said it expected a significant decline in third-quarter copper revenue due to an accident at its Indonesia mine earlier this month that will keep much of it shut down into the first half of 2026. Freeport said in a release Wednesday that it expects consolidated sales of copper to be ...
From finance.yahoo.com | Sep 24, 2025
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 ...
