Freeport (NYSE: FCX) provided an update on the ongoing efforts to locate seven PT Freeport Indonesia (PTFI) team members who were trapped following a mud flow incident on September 8. The wet material entered the mine through drawpoints in one of five production blocks and traveled to multiple lower mine levels. Despite extensive efforts, the workers have not yet been located.
As a result of the incident, mining operations in the Grasberg minerals district remain temporarily suspended. Freeport is also working with Indonesian government authorities to review the incident and monitor rescue operations. The company stated that it will complete a thorough investigation and evaluate the incident’s impacts on future plans, including revisions to near-term production forecasts.
Freeport is known for being one of the world’s largest publicly traded copper producers. Its portfolio of assets includes the Grasberg minerals district in Indonesia, the Morenci minerals district in Arizona, and the Cerro Verde operation in Peru.
In the face of this tragic event, Freeport's Chairman of the Board, Richard C. Adkerson, and President and Chief Executive Officer, Kathleen Quirk, expressed the company's deep concern for the missing team members and their families. They also acknowledged the valiant efforts of their emergency response team to ensure the safety of their workers.
As the situation continues to unfold, Freeport is committed to prioritizing the safe evacuation of the contractor workers and maintaining its status as a leading international metals company. As a result of these announcements, the company's shares have moved -2.94% on the market, and are now trading at a price of $44.57. Check out the company's full 8-K submission here.
