Freeport shares sink after workers trapped at Grasberg mine

Core Insights - Freeport-McMoRan's shares declined after the suspension of operations at the Grasberg Block Cave mine due to a blockage caused by wet material, trapping seven workers underground [1][2] - The company confirmed that the trapped workers are believed to be safe, and efforts are underway to clear debris and secure evacuation routes [2][3] - The Grasberg mine is a significant source of copper and gold, producing approximately 1.7 billion pounds of copper and 1.4 million ounces of gold annually [4] Company Impact - Freeport-McMoRan's market capitalization fell to $63 billion following a 5.81% drop in share price [2] - The company has not provided a timeline for the evacuation of the trapped workers or the resumption of production [3] Industry Implications - The suspension of operations at Grasberg has put pressure on copper prices, with the most-active COMEX futures contract down 0.15% to $4.552 per pound [5] - Any prolonged disruption at Grasberg could exacerbate supply-side uncertainties in an already tight copper market, as Freeport Indonesia had forecasted nearly 3 million metric tons of copper concentrate output in 2025 [5]