Copper Jumps as Freeport Declares Indonesia Mine Force Majeure

Copper prices soared after Freeport-McMoRan Inc. said force majeure was declared on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal.

The US company also cut its copper and gold sales guidance for the quarter as it continues to search for five missing workers following an accident at the site two weeks ago. Two employees are confirmed to have died following a flow of about 800,000 metric tons of mud into Grasberg’s underground levels.