US EditionFreeport shares tumble, copper futures rise on guidance cut due to Indonesia mine accident
Freeport-McMoRan expects 2026 copper production from Grasberg to drop 35% after a mudslide trapped seven workers, causing two deaths and halting operations at Indonesia’s key mine.
- On Wednesday, Freeport-McMoRan declared force majeure on contracted supplies from its Grasberg Block Cave mine, pushing benchmark copper prices to a 15-month high.
- On Sept. 8, a massive mud rush trapped seven workers at Grasberg Block Cave mine, killing two workers and leaving five others missing.
- Freeport said its Indonesian unit could see a 35% cut to 2026 output, with Grasberg forecast to lose 250,000–260,000 tons in 2025 and 270,000 tons in 2026.
- Freeport shares plunged nearly 17% on Wednesday while smelters and buyers of semi-processed copper pay more, and rival miners Glencore, Teck Resources, and Antofagasta gained amid supply disruption.
- Grasberg, which supplies about 3% of global copper, underscores market vulnerability as Freeport said unaffected areas could restart by the middle of the fourth quarter of this year with a phased restart in the first half of 2026.
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Channel News Asia
UpstractGoldman Sachs downgrades copper supply forecast after Grasberg mine disruption
Goldman Sachs lowered on Thursday its global copper mine supply forecast for 2025 and 2026 following a disruption at Indonesia's Grasberg, the world's second-largest copper mine.The incident, which occurred on September 8, trapped workers underground due to heavy mud flow, prompting operator Freeport-McMoRan
Accident at World's Second-Biggest Copper Mine Strains Market
(Bloomberg) — Freeport-McMoRan Inc.’s declaration of force majeure at its Grasberg mine in Indonesia — where two employees are dead and five missing after a massive mud flow — couldn’t have come at a worse time for the global copper market.
"A Black Swan Event": Copper Prices Soar After FCX Declares Force Majeure At World's 2nd Largest Mine
"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,…
Associated Press News
Freeport shares tumble, copper futures rise on guidance cut due to Indonesia mine accident
Shares of Freeport-McMoRan are falling after the Phoenix-based miner said it expected a significant decline in third-quarter copper revenue.
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