The Financial Comet
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

The Financial Comet

Investing

Copper Prices Up as Freeport-McMoRan Announces Force Majeure at Grasberg

by admin September 25, 2025
September 25, 2025
Copper Prices Up as Freeport-McMoRan Announces Force Majeure at Grasberg

Copper prices rose on Wednesday (September 24) after Freeport-McMoRan (NYSE:FCX) announced that operations will remain halted at its Grasberg copper-gold mine in Indonesia.

The mine was shut down on September 8 following the ingress of 800,000 metric tons of wet material, which trapped seven workers. The bodies of two workers have since been recovered, and the search for the remaining five is ongoing.

In Wednesday’s release, Freeport-McMoRan stated that it is investigating the cause of the incident, noting that it is unprecedented in the history of operations at the Grasberg block-cave site.

It is expected that the investigation will be completed by the end of 2025.

Due to the mine’s closure, Freeport has adjusted its guidance, reporting that third quarter consolidated sales will be 4 percent lower for copper and 6 percent lower for gold compared to its July estimates.

Furthermore, Grasberg’s closure means sales from the mine during the fourth quarter will be insignificant; the company previously forecast the sale of 445 million pounds of copper and 345,000 ounces of gold.

The Grasberg site encompasses several underground mines: the Grasberg block cave, the Deep Mill Level Zone (DMLZ) and Big Gossan. DMLZ and Big Gossan were not affected, and could restart production in the fourth quarter.

However, according to Freeport-McMoRan, a preliminary assessment indicates a delayed restart of operations at the Grasberg block cave, resulting in the deferral of significant production in the near term. A ramp up in this area is not anticipated to begin until the first half of 2026, with the mine potentially returning to full production in 2027.

Grasberg is one of the world’s largest copper and gold mines, producing 1.7 billion pounds of copper and 1.4 million ounces of gold annually. Freeport holds a 49 percent interest, with the Indonesian government owning the rest.

The announcement caused copper prices to spike nearly 5 percent in trading on Wednesday, climbing to US$4.84 per pound on the COMEX and US$9,900 per metric ton on the London Metal Exchange.

Freeport’s share price tumbled 16.95 percent in trading, closing the session at US$37.67 after opening at US$41.66.

Freeport-McMoRan performance, September 19 to 24, 2025.

Chart via Google Finance.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Zeus Resources Limited
next post
From AOC to Zohran Mamdani, the Democrats are peddling far-left politics

Related Posts

Preliminary data of Butembo Copper prospect, with near...

October 1, 2025

Blue Lagoon Resources Officially Opens Dome Mountain Gold...

July 12, 2025

ACG Amends Terms of Gediktepe Royalty Agreement to...

October 3, 2025

AI Market Update: Q2 2025 in Review

July 15, 2025

Scoping Study Fieldwork Testing Complete

March 5, 2025

RHI: Sandstone Gold Royalty – completion of purchase

June 19, 2025

Top 5 Canadian Mining Stocks This Week: Helius...

August 2, 2025

Minera Alamos Closes Nevada Mine Acquisition, Expands US...

October 4, 2025

Canaccord Global Mining Conference Presentation

May 21, 2025

BPH Energy LimitedPEP 11 Update

September 23, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      Trump re-designates Iranian-backed Houthis as terrorists: ‘Threaten[s] security of American civilians’

      January 23, 2025
    • 2

      DeepSeek hit with large-scale cyberattack, says it’s limiting registrations

      January 28, 2025
    • 3

      Universal’s ‘Wicked: For Good’ creates a unique marketing challenge

      January 27, 2025
    • 4

      UnitedHealthcare taps company veteran Tim Noel as new CEO following Brian Thompson killing

      January 27, 2025
    • 5

      Bank of America CEO says financial industry will jump into crypto payments if regulators allow it

      January 23, 2025
    • 6

      FDA officially authorizes Zyn nicotine pouches for sale following health review

      January 23, 2025
    • 7

      Lara Trump to host weekend show on Fox News

      February 7, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: thefinancialcomet.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 thefinancialcomet.com | All Rights Reserved