Freeport-McMoran Inc (NYSE:FCX) Announced Resuming Operations At Grasberg

The spokeswoman of Freeport-McMoRan Inc (NYSE:FCX), Daisy Primayanti, recently announced that the road block to the Grasberg has been put to an end. She said that 5-day consecutive blockade to this site, by the workers came to an end on Saturday and that Grasberg site has already started functioning normally.

Are expert analyst predicting a future consolidation of FCX?

She announced that Freeport-McMoRan Inc has re-opened and resumed operations at MP72 through the access road. On March 20, 2015, the company had already assured its investors and everyone else that the operations at the site will resume shortly as it was in negotiations with around 50 workers who held protests.

Settlement with the workers

It is still unclear as to what settlement has been reached with the workers who were demonstrating through road block leading to the aforementioned site.

The protest by workers, however, came to light because Grasberg in Indonesia is one of the largest copper mines of the world. The protest by workers was associated with the settlement sealed with the other workers of this company during the previous dispute. The Freeport-McMoRan Inc union has already informed that the demonstration was not backed by it, and that they did not even know about it.

Protests common at Freeport-McMoRan Inc

The company has been attracting protests from its workers due to some or the other reason in the recent past. The current dispute rooted from the most recent labor dispute of 2014. Even though the previous protests have caused damage to the company’s operations, but Freeport-McMoRan Inc (NYSE:FCX) announced recently, that in this dispute, it wasn’t facing any challenges in terms of severe losses. Nonetheless, the operations at Grasberg mine were disrupted and put to halt by the company on March 16, 2015.

The blocked road to the copper mine had also started showing its effects on the London Stock Exchange by way of increasing metal prices.

Brown Terrel

Brown Terrel

Terrel is US Markets Daily's business news reporter. She joined US Markets Daily after five years as a print reporter.