Strike Averted at Grasberg, Maintenance Continues

Bloomberg reported that a strike was averted that had been planned by workers at Freeport’s (NYSE:FCX) Grasberg mine demanding the suspension of five employees they suspected were responsible for the tunnel collapse last month, when a last-minute deal was struck.

As quoted in the Bloomberg report:

The continued maintenance means Freeport-McMoRan Copper & Gold Inc. will be able to restart production and resume shipments more quickly once it gets approval from the government, which has said the mine will stay shut until after a probe is completed. Investigators will report the results to the energy ministry by early next week, Ridho Wattimena, head of an independent team, said by phone yesterday.

To view the whole Bloomberg report, click here.