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

Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Freeport McMoRan Charts.
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Freeport McMoRan Charts.