Freeport-McMoRan mine closure forcing up copper prices

Haul Trucks @ Freeport-McMoran Copper Mine in Morenci, AZ
Haul Trucks @ Freeport-McMoran Copper Mine in Morenci, AZ

Phoenix Business Journal

The closure of a Freeport-McMoRan Copper & Gold Inc. mine for four weeks following a deadly accident is pushing up world copper prices.

Bloomberg reported Phoenix-based Freeport is delaying shipments to customers. Freeport’s Indonesian mine has been closed for four weeks.

Reuters reported early Tuesday that Freeport was declaring a force majeure, contract language that would allow it out of the deliveries because of an incident beyond its control.

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