Freeport-McMoRan (FCX) suspended operations at its Gresik smelter in Indonesia following a boiler leak. The company holds a 49% stake in the associated Grasberg mine operation. Repairs will take several weeks and cause significant delays to Indonesian copper exports.
Global copper supply remains tight as benchmark prices recently exceeded $14,000 per ton. The disruption follows a mudslide incident that impacted the mine last year. Freeport-McMoRan expects a return to full production no earlier than late 2027.