Copper prices surged by 2%! The supply of Grasberg mine, the world's second-largest copper mine, has been affected by force majeure factors
Copper prices rose 2% to $10,172 per ton due to Freeport McMoRan Inc.'s force majeure at the Grasberg mine in Indonesia. An accident at the mine resulted in the deaths of two workers, with five others still missing. Freeport expects third-quarter copper and gold sales to be below expectations. Grasberg is the second-largest copper mine in the world
Copper prices surged on Wednesday after Freeport McMoRan Inc. announced that contract supplies from its giant Grasberg mine in Indonesia had encountered force majeure. The three-month copper price on the London Metal Exchange rose by as much as 2% to $10,172 per ton.
The company stated in a release on Wednesday that two workers tragically lost their lives following an incident at Grasberg on September 8. The company is still searching for five other workers. Teams are working around the clock to clear mud and debris and are making steady progress toward the area where the workers were located at the time of the mudslide incident. Freeport also provided guidance for the third quarter, indicating that combined sales are expected to be about 4% lower for copper and about 6% lower for gold compared to estimates made in July. Grasberg is the second-largest copper mine in the world.
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