Freeport-McMoRan (NYSE:FCX) announced Tuesday that it has temporarily suspended operations at its Grasberg mine in Indonesia, one of the world’s largest copper mines, following a landslide that left seven miners trapped below ground.
In a statement, Freeport said a “large flow of wet material from a drawpoint” occurred in a production block at the Grasberg Block Cave underground mine, obstructing access to certain areas and trapping the workers.
“The location of the workers is known, and they are believed to be safe. Crews are working to clear the area for a safe and expeditious evacuation. In parallel, activities are underway to provide support to the workers,” Freeport said.
All other personnel at the mine have been accounted for and are safe, but mining operations have been temporarily halted to ensure the trapped workers can be evacuated safely.
Grasberg, a joint venture between Freeport and the Indonesian government, is one of the world’s largest copper mines in terms of reserves. In 2024, the mine produced approximately 816,466 tonnes of copper, representing about 3.6% of global mined copper output.
Extended disruptions at Grasberg could affect global copper supply, a critical industrial metal central to the clean energy transition. Grasberg ranks as the world’s second-largest copper mine, behind Chile’s Escondida.
Benchmark copper futures on the London Metal Exchange were up 0.2% to $9,943.45 per ton during Asian trading on Tuesday.
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