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Old 06-06-2013, 08:03 PM   #1
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Biggest goldmine in the world has shut down

The Grasberg mine located in Indonesia.

http://seekingalpha.com/article/1476...g?source=yahoo
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Old 06-07-2013, 08:31 AM   #2
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Quote :
...
Over the last few months, Grasberg has hit a number of setbacks. Three weeks ago a tunnel collapsed while thirty-nine workers were undergoing safety training. This led to worker protests and a government closure of the whole facility that was only resumed at the Grasberg open-pit mine last week (other portions still remain shutdown).

On Friday, a wall collapsed hospitalizing a worker and exacerbating an already accident weary workforce. The mining ministry ordered all mining shutdown at Grasberg for at least three months while the accidents are investigated and safety precautions are taken. Additionally, workers already on edge about contract negotiations are now increasingly unhappy with safety at the mines. Three months may already exhaust supplies of FCX ore, but if the strike leads to a longer closure and more worker demands, then production may be halted for much longer.
...
So it looks like they will continue to process ore that has been mined already for the next 3 months with a possibility (depending upon a strike / labor negotiations) to resume mining without any real interruption to their production.
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