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PHOENIX - Freeport-McMoRan Inc. (NYSE:FCX), a $65.9 billion metals and mining giant with $25.8 billion in annual revenue, reported Thursday that rescue teams are working continuously to locate seven PT Freeport Indonesia (PTFI) contractor workers missing since a mud flow incident on September 8 at the Grasberg Block Cave mine in Indonesia. According to InvestingPro analysis, the company maintains strong financial health with robust liquidity metrics, including a healthy current ratio of 2.47.
The company stated that wet material entered the mine through drawpoints in one of five production blocks and flowed to multiple lower levels, blocking access routes to the service level where the contractors were working. Rescue teams are clearing material from blocked areas while simultaneously drilling into locations near a refuge chamber close to the work area.
"Regrettably, to date, we have not been able to locate the workers," the company said in a press release statement.
Mining operations in the Grasberg minerals district remain temporarily suspended while the search continues. Indonesian government authorities are on site working with PTFI teams to review the incident and monitor rescue operations. For investors seeking detailed analysis of FCX’s operational risks and financial outlook, InvestingPro offers comprehensive research reports with expert insights on this and 1,400+ other US stocks.
Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, expressed concern for the missing team members and their families, stating the company is "continuing to do everything possible to locate these individuals."
Freeport-McMoRan indicated it will conduct a thorough investigation of the incident and evaluate impacts on future plans, including revisions to near-term production forecasts.
The Grasberg minerals district represents one of the world’s largest copper and gold deposits and is a significant part of Freeport’s global operations, which include major assets in North America and South America. Currently trading near its InvestingPro Fair Value, FCX has demonstrated strong operational performance with a 4.6% revenue growth in the last twelve months.
In other recent news, Freeport-McMoRan reported impressive financial results for the second quarter of 2025, with earnings per share (EPS) of $0.54, surpassing the expected $0.45. Revenue also exceeded forecasts, reaching $7.58 billion compared to the projected $7.19 billion. Despite these strong results, the company’s stock faced a minor decline in pre-market trading. Additionally, President Donald Trump announced significant tariffs on copper imports, affecting Freeport-McMoRan as the tariffs are set to impact semi-finished copper products and copper-intensive derivatives starting August 1. In response to market conditions, Morgan Stanley upgraded Freeport-McMoRan from Equalweight to Overweight, though it lowered its price target to $48.00. Meanwhile, BMO Capital reduced its price target to $54.00, maintaining an Outperform rating after a well-executed quarter was overshadowed by a cut in the 2025 gold production target. Raymond James reiterated its Outperform rating with a price target of $53.00, emphasizing the company’s large, low-cost copper assets and significant gold production. These developments highlight the complex market dynamics Freeport-McMoRan is navigating.
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