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Freeport Weighs Strike Impact at Indonesian Copper Mine as Peru Halted Too
Sep. 15, 2011 10:25AM PST
Base Metals Investing Bloomberg reported that Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is evaluating the impact on production and deliveries at Grasberg copper and gold mine in Indonesia after a one-month strike.
Bloomberg reported that Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is evaluating the impact on production and deliveries at Grasberg copper and gold mine in Indonesia after a one-month strike.
The market news is quoted as saying:
Grasberg has the world’s largest recoverable reserves of copper and the biggest single gold reserve, according to the Freeport website.
Strikes at Grasberg in Papua province 1,940 miles (3,120 kilometers) east of Jakarta, and in Peru may widen a global shortage of copper estimated at 670,000 metric tons this year by Barclays Capital and boost prices of the metal.
