JAKARTA: Copper miner Freeport-McMoRan said on Tuesday (Nov 18) it plans to restore large-scale production at Indonesia's Grasberg minerals district from the second quarter of 2026, following a fatal incident that forced operations to halt earlier this year.
Seven workers were killed when around 800,000 metric tonnes of wet material flooded the Grasberg Block Cave, one of the mines at the complex, on Sept 8.
Under the phased plan, the company expects PT Freeport Indonesia's combined copper and gold output in 2026 to be roughly in line with 2025 levels, at about 1.0 billion pounds of copper and 0.9 million ounces of gold.
Freeport shares were up 3.6% in premarket trading.
The company said it expects production to increase through 2026 and 2027, with average annual volumes of around 1.6 billion pounds of copper and 1.3 million ounces of gold expected for 2027-2029.
Grasberg is one of the world's largest copper and gold deposits and a key asset for Freeport as demand for copper rises with the expansion of electric grids, renewable power and electric vehicles.
The prolonged disruption has been closely watched by metals markets concerned about tightening supplies.
Freeport said it has resumed production from the unaffected Deep Mill Level Zone and Big Gossan mines, which ramped up in late October, while remediation work continues at the Grasberg Block Cave site. - Reuters
