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McMoRan Free Port (NYSE:FCX) reported late Sunday that operations at its massive Grasberg mine in Indonesia were temporarily disrupted due to heavy rain this weekend, with flooding and a debris flow causing damage to infrastructure. near their mill complex.
Freeport (FCX) said current estimates indicate that operations may resume by the end of February, with no long-term impact on its plans.
The company said it freed 14 employees trapped in an office building due to flooding, but there were no casualties in the recovery effort.
Due to the disruption, Freeport (FCX) expects first quarter total sales from Indonesia to be below the guidance provided last month of 900 million pounds of copper and 300 thousand ounces of gold.
Freeport McMoRan (FCX) remains a buy after fourth-quarter earnings, with strong demand for copper ahead as the macroeconomic backdrop improves, Chris Lau writes in an analysis published recently in Seeking Alpha.