Freeport says all 7 missing workers found dead after Indonesia mine accident

Freeport confirmed all seven workers missing from the Grasberg mine accident in Indonesia were found deceased, with operations at the world's largest copper mine remaining suspended since early-September. The company reiterated its force majeure declaration and unchanged guidance for lower Q3 copper and gold sales, while an investigation is slated for completion by end-2025, signaling prolonged operational uncertainty and potential supply disruptions.

Analysis

Asia stocks: Nikkei soars to record high as Takaichi win fuels stimulus bets Investing.com-- Freeport (NYSE:FCX) said on Sunday evening that all seven workers missing after an accident at the Grasberg mine in Indonesia were found deceased, and that it remained in discussions over restarting operations at the mine. Freeport said that five missing workers were found deceased over the weekend. This was after two missing workers were found deceased on September 20. “We are grieving for our seven coworkers lost in this tragic incident and extend our sincere condolences to the families, Freeport executives said in a statement, adding that the cause of the accident was still being investigated. The company had suspended operations at Grasberg– which is among the world’s biggest copper mines– in early-September, after a massive flow of wet material blocked several levels in the mine and trapped seven workers. Freeport said the investigation is expected to be completed by end-2025, and that the company was “working closely” with the Indonesian government to review the incident and future operating plans for Grasberg. Freeport had declared force majeure at Grasberg, and said it expected lower copper and gold sales in the third quarter due to the closure. The miner said on Sunday that this guidance remained unchanged. Should you be buying FCX right now? ProPicks AI evaluates FCX alongside thousands of other companies every month using 100+ financial metrics. Using powerful AI to generate exciting stock ideas, it looks beyond popularity to assess fundamentals, momentum, and valuation. The AI has no bias—it simply identifies which stocks offer the best risk-reward based on current data with notable past winners that include Super Micro Computer (+185%) and AppLovin (+157%). Want to know if FCX is currently featured in any ProPicks AI strategies, or if there are better opportunities in the same space? Freeport-McMoRan (FCX) has confirmed a severe operational setback at its Grasberg mine in Indonesia, announcing that all seven workers trapped in a September accident were found deceased. Operations at the facility, one of the world's largest copper mines, remain suspended, and the company has reiterated its declaration of force majeure. This shutdown has a direct and negative financial impact, with management maintaining its guidance for lower copper and gold sales in the third quarter. The most significant risk factor for investors is the prolonged uncertainty; the investigation into the incident is not expected to be completed until the end of 2025. This extended timeline, combined with the necessity of working with the Indonesian government to review future operating plans, introduces substantial regulatory and medium-term operational risk that could weigh on the company's performance and disrupt global copper supply.

Key Decisions for Investors

• Investors should anticipate continued negative pressure on FCX's stock price given the confirmed lower Q3 sales guidance and the indefinite operational halt at a strategically critical asset.
• The extended investigation timeline to end-2025 creates significant medium-term uncertainty; monitor all company and regulatory communications regarding a potential restart timeline at Grasberg, as this will be a primary stock catalyst.
• While negative for FCX, a prolonged supply disruption from the Grasberg mine could provide upward support for global copper prices, potentially benefiting other producers in the sector.