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Benzinga
Benzinga
Business
Henry Khederian

Why Freeport-McMoRan (FCX) Stock Is Falling Today

FCX Freeport Grasberg Gold copper Indonesia Mining
Image of a gold bar

Freeport-McMoRan Inc (NYSE:FCX) shares are trading lower Friday afternoon as mining operations at its Grasberg minerals district in Indonesia remain temporarily suspended. The halt follows a September 8 mud flow incident that trapped seven contract workers in the Grasberg Block Cave mine, a critical asset for the company’s copper and gold production.

What To Know: The company stated that its priority is the safe and expeditious evacuation of the trapped personnel. “The Freeport family is filled with sadness, grief and concern for our missing team members and their families,” said Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and CEO.

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