Latest news with #PT Smelting
Yahoo
3 days ago
- Business
- Yahoo
Freeport Unlocks Surprise Copper Cargo
Freeport-McMoRan (NYSE:FCX) just gave the copper market a bit of breathing room. The mining giant is offloading more ore than anyone expected after an oxygen plant problem at its PT Smelting facility in Indonesia stretched a planned four-week shutdown. Warning! GuruFocus has detected 5 Warning Sign with UNH. That smelter usually processes material from Freeport's massive Grasberg copper-gold mine, but with operations on hold, the company suddenly has about 100,000 tons of copper concentrate ready to go. They're moving fast too the shipments need to clear before a short-term export license expires in mid-September. It's not a game-changer for the global copper market, but for smelters scrambling for raw material after a big jump in processing capacity worldwide, it's a welcome dose of supply. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
6 days ago
- Business
- Bloomberg
Freeport Outage Brings Relief in Tight Market for Copper Ore
By , Alfred Cang, and Jack Ryan Save Freeport-McMoRan Inc. is selling unexpectedly large volumes of copper ore following an outage at a plant it owns in Indonesia, bringing short-term relief to smelters who've faced a historic squeeze on supply. The move by the US miner follows an incident affecting the oxygen plant at its PT Smelting facility, according to people with direct knowledge of the matter. That's led to an extension of an ongoing four-week maintenance shutdown at the plant, which is fed by Freeport's flagship Grasberg copper-gold mine.
