Freeport:Working In 'Good Faith' To Reach Agreement With Union
30 August 2011 - 7:55PM
Dow Jones News
Freeport McMoRan Copper & Gold Inc. (FCX) is committed to
renewing the labor contracts for its Grasberg copper mine in
Indonesia, a company spokesman told Dow Jones Newswires.
Workers at the company's Grasberg mine may strike as contract
negotiations appear deadlocked, according to news reports. Freeport
is the world's largest listed copper-mining company.
The union and the company began contract negotiations in July,
after workers held a strike at the mine. The current contracts
expire in October.
"PT Freeport Indonesia continues to work in good faith to reach
a mutually satisfactory agreement for the renewal of the Collective
Labor Agreement," a Freeport McMoran spokesman told Dow Jones
Newswires.
About 35 million pounds of copper were lost in the July strike
at Grasberg, the company has said. During that strike, the workers
demanded higher pay.
In January, Freeport forecast 2011 sales from Grasberg at one
billion pounds of copper and 1.3 million troy ounces of gold,
compared with 2010 sales of 1.2 billion pounds of copper and 1.8
million ounces of gold. The mine is one of the biggest copper and
gold producers in the world, with mining operations set to move
underground in mid-2015.
Freeport owns 90.64% of PT Freeport Indonesia, the principal
operating subsidiary in Indonesia, including a 9.36% stake through
its wholly owned subsidiary, PT Indocopper Investama. The
government of Indonesia owns the remaining 9.36% of PT Freeport
Indonesia.
-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095;
tatyana.shumsky@dowjones.com
--Denden Sundrajat contributed to this article.
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