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Freeport McMoRan says open pit operations resumed at PT Freeport Indonesia

Freeport-McMoRan Copper & Gold announced that PT Freeport Indonesia has resumed open pit mining and concentrating activities at its Grasberg operations in Papua, Indonesia following approval from Indonesia’s Department of Energy and Mineral Resources (DEMR) on June 21. The resumption of production activities is being conducted in a phased approach. Open pit and milling operations have commenced initially and underground operations are expected to be ramped up upon further approvals and inspections from the DEMR. PT-FI has conducted safety inspections throughout its operations and is working cooperatively with government authorities to resume underground operations as soon as practical. For the period between May 15 and June 21, the estimated impact on PT-FI production approximated 115M pounds of copper and 115,000 oz of gold, or approximately 3M pounds of copper and 3,000 oz of gold per day for the 38 day period. The impact of the ongoing suspension of underground operations approximates 1M pounds of copper and 1,000 oz of gold per day. PT-FI is actively working with government authorities on a return to full operations and will update its production outlook as additional information becomes available, the company said.