Freeport Falls After Raising Operational Issues at Grasberg Mine

Company lowers 2020 Indonesian guidance on Deep MLZ challenges
U.S. miner flags trade tensions as threat to copper prices

Freeport-McMoran Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, March 31, 2017. U.S. stocks were little changed on the final day of their best quarter in more than a year, as banks resumed their decline amid falling Treasury yields, offsetting gains in utility and real estate shares.Photographer: Michael Nagle/Bloomberg

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By Danielle Bochove

July 25, 2018 at 12:31 PM UTC

Updated on

July 25, 2018 at 4:39 PM UTC

This article is for subscribers only.

Freeport-McMoRan Inc. fell after the world’s largest publicly traded copper producer flagged operational challenges at one of its underground assets in Indonesia.

Harder rock and seismic events have complicated access to deep ore at Freeport’s Deep MLZ deposit at its Grasberg mine, Chief Executive Officer Richard Adkerson said Wednesday. The Phoenix-based company, which has owned U.S. oil and gas assets, plans to use hydraulic fracking to help access the deposit.