Freeport (NYSE: FCX) has announced an update on the situation at PT Freeport Indonesia (PTFI) following a mud flow incident on September 8. As a result of the incident, seven PTFI team members are currently unaccounted for. Expert teams are working tirelessly to clear access routes in the Grasberg block cave to locate the missing individuals. The wet material from the mud flow entered the mine through drawpoints in one of five production blocks and traveled to multiple lower mine levels, requiring additional time to be safely removed.
PTFI has been conducting various initiatives to access the areas where the missing team members were working. Despite drilling into several locations in the service level, including near a refuge chamber close to the work area, the workers have not been located thus far. The company's chairman of the board and president and chief executive officer expressed deep sadness, grief, and concern for the missing team members and their families. The company is focused on doing everything possible to locate the individuals and continues to pray for their well-being.
Indonesian government authorities are collaborating with the PTFI team to review the incident and monitor rescue operations. As a safety priority, mining operations in the Grasberg minerals district remain temporarily suspended, and PTFI will conduct a thorough investigation and evaluate the incident's impacts on future plans, including revisions to near-term production forecasts.
Freeport, a leading international metals company, is headquartered in Phoenix, Arizona, and operates large, long-lived assets with significant proven and probable reserves of copper, gold, and molybdenum. Its portfolio 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 terms of the financials, Freeport reported the following in its most recent financial statements: Revenue: $5.75 billion, up 19% from the previous period Net income: $828 million, an increase of 27% from the last period Earnings per share: $0.57, compared to $0.45 in the previous period Copper sales: 970 million pounds, a 15% increase from the last period * Gold sales: 702 thousand ounces, up 8% from the previous period
The company's focus on responsibly produced copper contributes positively to the world beyond its operational boundaries. Additional information about Freeport is available on the company's website. Following these announcements, the company's shares moved -2.61%, and are now trading at a price of $44.72. If you want to know more, read the company's complete 8-K report here.
