Pressure on Global Supply Likely, as Grasberg Faces Three-Month Shutdown

Bloomberg reported that production Freeport-McMoRan Copper & Gold Inc`s Grasberg mine has been halted, and could be shut down for three months threatening global supply, while the government investigates a series of accidents.

As quoted in the Bloomberg report:

Output will be halted from both its open pit and underground operations at the site, the world’s second-largest copper mine, said Thamrin Sihite, director general of coal and minerals at the Energy and Mineral Resources Ministry, at a conference in Bali today. The company is allowed to ship ore concentrate from stockpiles, he said.

To view the whole Bloomberg report, click here.