Seven miners are currently stuck underground at Freeport’s (NYSE: FCX) Grasberg Block Cave underground mine in Indonesia. The workers became trapped after what Freeport described as a “large flow of wet material from a production drawpoint” on Monday evening.
The incident has reportedly blocked access to certain areas within the mine, including evacuation routes. Crews are said to be in the process of clearing the area to enable the evacuate of the seven trapped miners.
The miners meanwhile are said to be in a known location and “believed” to be safe.
Sponsored · PTX Metals Inc.
Mining operations at the Grasberg minerals district have been suspended as a result of the event. An estimate timeline for the recovery of the employees was not provided.
Freeport holds a 48.76% ownership interest in the Grasberg minerals district, which contains one of the world’s largest copper and gold mines. The operation produces 1.7 billion pounds of copper and 1.4 million ounces of gold a year from a total of three mines within the district.
Freeport last traded at $46.66 on the NYSE.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
