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Freeport McMoRan (NYSE:FCX) reported late Sunday that operations at its huge Grasberg mine in Indonesia have been temporarily disrupted because of intense rains this weekend, with flooding and debris flow causing damage to infrastructure near its milling complex.
Freeport (FCX) said current estimates indicate operations can be restored by the end of February, with no longer-term impact to its plans.
The company said it freed 14 employees trapped in an office building because of the flood, but there were no casualties in the recovery effort.
Because of the disruption, Freeport (FCX) expects Indonesia’s Q1 total sales to come in lower than guidance provided last month of 900M lbs of copper and 300K oz of gold.
Freeport McMoRan (FCX) is still a buy after Q4 earnings, with strong copper demand ahead as the macroeconomic backdrop improves, Chris Lau writes in an analysis posted recently on Seeking Alpha.
