Freeport-McMoRan Copper & Gold Declares Force Majeure at Grasberg

Reuters reported that Freeport-McMoRan Copper & Gold Inc has declared force majeure at its Grasberg mine after a series of accidents has shut them down while the government conducts a probe.

As quoted in the Reuters report:

The announcement, widely expected by metals traders, sent Freeport shares up 2.9 percent to $29.86 on Wednesday morning. Benchmark three-month copper was up nearly 1 percent, on signs of tightening supply, including the Grasberg shutdown.

To view the whole Reuters report, click here.