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Freeport-McMoRan Inc. (NYSE:FCX) has released an update on the September 8 mud rush at its Grasberg Block Cave mine in Indonesia that killed two workers and left five still unaccounted for.
The company said teams continue to work nonstop to clear debris and reach areas where the missing workers were last located. Authorities in Indonesia are overseeing the search while a formal investigation is underway.
Richard C. Adkerson, chairman, and Kathleen Quirk, president and CEO, expressed condolences to the families affected and praised the emergency crews responding at the site. The executives recently visited the mine to meet with workers and relatives.
Also Read: Freeport-McMoRan (FCX) Stock Falls As 7 Workers Trapped In Indonesia Mine
About 800,000 metric tons of wet material surged through multiple levels of the mine, damaging infrastructure and halting development work.
Operations in the Grasberg district remain suspended. An independent investigation team, including outside experts, is expected to complete its review by the end of 2025.
The mine represents a significant portion of Freeport's reserves and projected copper and gold production. The company expects third-quarter sales to come in lower than guidance, down about 4% for copper and 6% for gold.
Preliminary assessments suggest 2026 production could be 35% below prior estimates, with a phased restart beginning in mid-2025 and full output not expected until 2027.
Freeport has declared force majeure with customers and will pursue claims under property and business interruption insurance policies. Coverage extends up to $1 billion, though underground incidents are capped at $700 million after a $500 million deductible.
Shares of Freeport dropped after the update as investors weighed the disruption and delays. Analysts pointed to concerns over lost output and the longer path to recovery as reasons for why Freeport-McMoRan stock is sliding Wednesday.
Separately, the board approved a dividend of 15 cents per share, payable November 3 to shareholders of record on October 15.
Price Action: FCX shares are trading lower by 9.70% at 440.96 at the last check on Wednesday.
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