Freeport’s Grasberg Mine Ore Production at 5% of Capacity

Bloomberg reported that Freeport-McMoRan Copper & Gold Inc.’s (NYSE:FCX) Grasberg mine in Indonesia is only producing 5 percent of the mine’s capacity of 230,000 tons of ore per day.

As quoted in the market news:

Phoenix-based Freeport said in a statement Nov. 1 it stopped milling operations at Grasberg since Oct. 22 because of damaged pipelines. Its Indonesian unit processed an average of about 120,000 metric tons of ore a day in October, 31 percent less than the daily rate planned for the fourth quarter, according to the statement.

Click here to read the full Bloomberg report