Freeport Declares Force Majeure On Concentrate Sales From Indonesian Mine
26 Oktober 2011 - 10:41AM
Dow Jones News
Freeport-McMoRan Copper & Gold Inc. (FCX) has declared force
majeure on shipments of concentrate under sales agreements from its
Grasberg mine in a remote eastern part of Indonesia due to an
ongoing strike, its Indonesian unit said Wednesday.
"Lower concentrate production has impacted our ability to fully
perform our sales commitments and as a result, we were required to
declare force majeure on the affected concentrate sales
agreements," PT Freeport Indonesia spokesman Ramdani Sirait
said.
Sirait said the company has been working with customers on to
revise concentrate production and shipping schedules.
Workers at the world's third-largest copper mine have been on
strike since Sept. 15, demanding an eightfold increase in the
minimum wage, which is about $1.50 an hour now. They also held an
eight-day strike in July.
The company expects to lose 100 million pounds of copper and
100,000 troy ounces of gold output this year due to the
strikes.
Production at Grasberg mine fell 15% in the first nine months of
the year from the same period last year.
-By Deden Sudrajat; contributing to Dow Jones Newswires; 62
21-39831277; i-made.sentana@dowjones.com
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