Freeport (NYSE: FCX) provided an update on the status of PT Freeport Indonesia (PTFI) operations following a mud flow incident on September 8, 2025. As a result of the incident, seven PTFI team members were reported missing as their access routes in the Grasberg block cave were blocked. Efforts are ongoing to locate these individuals, with expert teams working around the clock to clear access routes to the service level of the mine.
The wet material entered the mine through drawpoints in one of five production blocks and traveled to multiple lower mine levels, requiring additional time to safely remove the significant amount of material in the service level, a non-mining area. Despite drilling into multiple locations in the service level, including near a refuge chamber close to the work area, the missing workers have not yet been located.
Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, expressed the company's sadness, grief, and concern for the missing team members and their families. They highlighted the ongoing efforts to locate the individuals and the valiant efforts of the emergency response team to ensure the workers' safety.
Indonesian government authorities are on-site working with the PTFI team to review the incident and monitor rescue operations. As a result of the priority to safely evacuate the seven contractor workers, mining operations in the Grasberg minerals district remain temporarily suspended. PTFI will conduct a thorough investigation and evaluate the incident's impacts on future plans, including revisions to near-term production forecasts.
Freeport (FCX) is a leading international metals company focused on being foremost in copper. The company operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits, as well as significant operations in North America and South America.
In light of these developments, the company is taking steps to ensure the safety of its workers and assess the impacts of the incident on its operations and future plans. Following these announcements, the company's shares moved -2.61%, and are now trading at a price of $44.72. Check out the company's full 8-K submission here.
