Indonesia - Grasberg on ice

Shares in New York listed Freeport McMoRan, the world’s largest listed copper miner, dropped recently after the company decided to halt operations at its Grasberg Mine in Indonesia. Freeport’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 12 January, stated that it has begun sending workers home, Reuters reported.

The shutdown happened 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 copper operation.

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