Freeport Indonesia Halts Gresik Smelter for Furnace Repairs
FCX sits 96% above its 52-week low of $35.15.
Summary
Freeport Indonesia's Gresik smelter has been offline since August 8 for furnace repairs, with completion expected this quarter. The halt disrupts copper processing at a time when copper prices are near all-time highs and the company just raised cash flow guidance on strong Q2 results. The Grasberg ramp-up remains on track, but any extended downtime could pressure near-term output and shipments. The company has not disclosed the financial impact or whether force majeure provisions are being considered. Freeport Indonesia's unit Smelting Gresik has halted operations for furnace repairs.
At the time of this announcement, FCX was trading at $68.75 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $98.9B. The 52-week trading range was $35.15 to $72.28. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.