Freeport recovers two bodies at Grasberg mine as Indonesia output drops to 30% of capacity

[Copper Redraw Rod Wire]
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Freeport-McMoRan (NYSE:FCX [https://seekingalpha.com/symbol/FCX]) said Saturday it recovered two bodies [https://jakartaglobe.id/news/freeport-recovers-two-bodies-continues-search-at-grasberg-mine] from a mudslide that struck its Grasberg Block Cave underground mine on September 8 [https://seekingalpha.com/news/4493316-freeport-suspends-grasberg-mining-operations-as-seven-workers-trapped], while rescue teams continue searching for five other trapped workers.

After the incident at Grasberg, one of the world's biggest copper mines, Freeport (NYSE:FCX [https://seekingalpha.com/symbol/FCX]) suspended operations at the mine's main production block, while smaller sites remained up and running, a senior Indonesian mining ministry official said last week.

The government said Freeport Indonesia’s (FCX [https://seekingalpha.com/symbol/FCX]) overall copper and gold production has fallen to just 30% of capacity [https://jakartaglobe.id/business/freeport-output-plunges-to-30-after-deadly-papua-mine-collapse-govt-estimates] after the incident forced the suspension of all underground mining operations.

Freeport's (FCX [https://seekingalpha.com/symbol/FCX]) records show the company produced 208,356 tons/day of ore in FY 2024 across its three underground sites: Grasberg Block Cave, Deep Mill Level Zone, and Big Gossan; of the three, Grasberg Block Cave contributed 133,800 tons/day, DMLZ produced 64,900 tons/day, and Big Gossan totaled 8,000 ton/day.

Freeport Indonesia (FCX [https://seekingalpha.com/symbol/FCX]) President Tony Wenas said the company has halted all underground operations while emergency crews, assisted by heavy machinery, drilling equipment, and drones, work to clear unstable material and reestablish communications.

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