Freeport-McMoRan Copper & Gold Inc. (FCX) will likely reach an agreement with workers by Thursday to end a three-month strike at its Grasberg copper & gold mine in eastern Indonesia, a union spokesman said Tuesday.

"As of today, there has been no agreement, but we expect over the next two days, the two parties can reach an agreement, so that we can avoid further strike, which we had planned to extend until Jan. 15," Juli Parrorongan told Dow Jones Newswires.

Freeport Indonesia's spokesman Ramdani Sirait said there hasn't been any agreement as of Tuesday and declined to speculate about whether an agreement will be signed soon.

Workers at Grasberg have been on strike since Sept. 15 in a dispute over pay.

The strike has lent support to copper futures on the London Metal Exchange, and prices are expected to come under pressure once the dispute is resolved.

Copper is trading around $7,596.75/ton, down 0.1% from its previous settlement.

-By Deden Sudrajat, contributing to Dow Jones Newswires; 62 21 39831277; andreasismar.sandiwan@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.