Freeport (FCX) issued an update on the status of the mud rush incident at the Grasberg Block Cave mine in Indonesia. PT Freeport Indonesia has commenced an investigation to identify the cause of the incident. PTFI expects the investigation to be completed by year-end 2025. As a result of the incident and impacts on operations, PTFI is notifying commercial counterparties of a force majeure. Also, the company said, for the third quarter, FCX's consolidated sales are expected to be approximately 4% lower for copper and approximately 6% lower for gold than July 2025 estimates.
PTFI production in 2026 could potentially be approximately 35% lower than pre-incident estimates. PTFI plans to seek recovery of damages under its property and business interruption insurance policies, which cover up to $1.0 billion in losses, subject to a limit of $0.7 billion on underground incidents, after a $0.5 billion deductible.
PTFI expects the unaffected Big Gossan and Deep MLZ mines could restart operations by mid-fourth quarter 2025, with a phased restart and ramp-up of the GBC mine beginning in the first half of 2026. PTFI fourth quarter 2025 sales of copper and gold would be insignificant. Shares of Freeport are down 8% in pre-market trade on Wednesday.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.