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Strike at Freeport's Grasberg mine to extend into fourth month, union says

Published 07/21/2017, 11:44 AM
Updated 07/21/2017, 11:44 AM
© Reuters.  Strike at Freeport's Grasberg mine to extend into fourth month, union says

© Reuters. Strike at Freeport's Grasberg mine to extend into fourth month, union says

  • The ~5K workers at Freeport McMoRan's (FCX +0.1%) Grasberg copper mine in Indonesia will extend their strike for a fourth month, according to a union official who says worker concerns remain unsolved.
  • The strike began in May after FCX laid off ~10% of its workforce to cut costs, and investors will look for its effects on mining and milling rates when the company reports Q2 earnings July 25.
  • Copper prices today hit their highest in more than four months, fueled by strong growth in top consumer China, a weak dollar and worries about supply disruptions.
  • ETFs: JJC, CPER, CUPM
  • Now read: Freeport-McMoRan: Icahn Finally Sees The Light


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