Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Freeport Indonesia workers warn of Grasberg mine strike; copper prices rise

Published 05/01/2017, 12:24 PM
© Reuters.  Freeport Indonesia workers warn of Grasberg mine strike; copper prices rise
FCX
-
HG
-
JJC
-
CPER
-
CUPM
-
  • The union representing a third of the 32K workforce sends a notice to Freeport McMoRan's (FCX -0.9%) Indonesia unit threatening to strike from May 1 to the end of the month at the Grasberg mine, the world's second biggest copper mine.
  • FCX has laid off ~10% of its Grasberg workforce due to a contract dispute with the government and has warned it could cut another 5K to curb losses, prompting protests from workers.
  • Reports of strike plans are lifting copper prices to near one-month highs, as investors worry that continued labor disputes would affect supply in a year that already has seen several disruptions due to mine strikes and slowed operations.
  • ETFs: JJC, CPER, CUPM
  • Now read: Freeport-McMoRan - The Story Continues To Improve, As Grasberg Creates An Overhang


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.