Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Grasberg mine complex in Indonesia run by Freeport McMoRan Copper & Gold Inc. (NYSE: FCX) re-opened pit operations Tuesday, reports Reuters.
Underground mining is still suspended while a safety inspection is conducted following the tunnel collapse two weeks ago that killed 28 people.
The mine workers’ union plans to meet Thursday to debate whether it supports the restart as it had said earlier it wanted to see all safety investigations done before anyone returned to work.
Freeport said the government had finished its prelimnary investogation into the accident. The company is now fixing up the underground shafts.
The open pit produces about 140,000 tonnes of copper ore per day and the underground puts out about 80,000 tonnes.
Related: Freeport execs face probe over collapsed tunnel in Indonesia, mine to restart soon
Image: Freeport screengrab
