Production Halt at Freeport-McMoRan Copper & Gold, Raising Prices, Prompting Safety Review

Bloomberg reported that Freeport-McMoRan Copper & Gold Inc is taking on a safety review after a tunnel collapse at their Indonesian unit caused multiple fatalities and a production halt is raising prices on supply concerns.

As quoted in the Bloomberg report:

The mine, halted since a tunnel collapsed May 14, usually produces 220,000 metric tons of ore a day, Rozik B. Soetjipto, president director of local unit PT Freeport Indonesia, told reporters today in Jakarta. The company doesn’t know when output can resume, he said. The lost production would amount to about 680 tons of copper a day, based on calculations by Bloomberg using figures from Freeport’s 2012 annual report.

To view the whole Bloomberg report, click here.