Freeport Shares Fall on Delayed Grasberg Recovery
Freeport-McMoRan lowered its production forecast for the Grasberg mine following a fatal incident. Higher copper prices helped the firm beat quarterly profit goals.
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FREEPORT-MCMORAN INC announced on Thursday that the recovery process at its flagship Grasberg mine in Indonesia will be slower than previously anticipated. The delay follows a fatal mud flooding incident that severely disrupted operations at the site, which ranks as the world's second-largest mine for Copper. Following the announcement, shares of the company tumbled more than 9% in premarket trading.
