Freeport-McMoRan announced that PT Freeport Indonesia’s, or PT-FI, Grasberg operations have been temporarily disrupted because of significant rainfall and landslides in the area of its milling operations in Papua, Indonesia. Intense rains on Saturday February 11 resulted in flooding and a flow of debris, causing damage to infrastructure near its milling complex. Personnel were safely evacuated from the localized area. PT-FI is conducting a damage assessment and preparing a recovery plan to resume operations. Preliminary estimates, which are subject to change as assessments are completed, indicate operations can be restored by the end of February. There is no impact to PT-FI’s long term plans. PT-FI’s daily production approximates nearly 5 million pounds of copper and 5,000 ounces of gold. As a result of the disruption, FCX expects its first-quarter 2023 sales to be lower than the guidance provided on January 25 of 900M pounds of copper and 300,000 ounces of gold.
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