Freeport Reaches Pact To End Grasberg Mine Strike In Indonesia
12 July 2011 - 4:03AM
Dow Jones News
Freeport-McMoRan Copper & Gold Inc. (FCX) reached an
agreement with union workers to end a weeklong strike over wages at
its massive Grasberg mine in Indonesia.
As of last Thursday, around 8,000 members of the 10,000-strong
union at PT Freeport Indonesia had stopped working, disrupting
operations at what the company says is the world's largest
copper-and-gold mine by reserves.
Eric Kinneberg, a Freeport spokesman, said, "An agreement has
been reached with the PTFI union to end the strike, which began on
July 4, 2011, and led to a suspension of mining and milling
activities at the mine.
"Under the agreement, negotiations for the upcoming collective
labor agreement, scheduled for renewal in October 2011, will
commence."
He noted that workers will start to return to their jobs on
Tuesday.
Freeport in January forecast 2011 sales from Grasberg at 1
billion pounds of copper and 1.3 million troy ounces of gold,
compared with 2010 sales of 1.2 billion pounds of copper and 1.8
million ounces of gold.
-By Alex MacDonald and Andrea Hotter, Dow Jones Newswires; +44
(0)20 7842 9328; alex.macdonald@dowjones.com
--Deden Sudrajat in Jakarta contributed to this article.
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