Reuters: Regulatory News: Freeport says initial findings reached on Indonesia probe

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Freeport says initial findings reached on Indonesia probe Jun 11th 2013, 08:34 Tue Jun 11, 2013 4:34am EDT * Timing of copper mine's reopening remains unclear * Market eyeing stock levels at ports and site By Michael Taylor JAKARTA, June 11 (Reuters) - An investigation into a tunnel collapse that killed 28 people at Freeport McMoRan Copper and Gold Inc's Indonesian mine has reached preliminary findings, the firm said on Tuesday, although the timing of any reopening of the copper mine remains unclear. Freeport suspended operations at the world's No.2 copper miner in West Papua on May 15, a day after a training area in a tunnel caved in on 38 workers. "We understand that the independent investigation team formed by the government has met with the DG (director general of the minerals ministry) and have discussed preliminary results," Freeport Indonesia spokeswoman Daisy Primayanti said. She was unable to give any details on what might have caused the accident or a possible timetable to resume operations, adding the firm was hoping for further updates from officials. Freeport and the Energy and Minerals Resources Ministry have both launched separate investigations, which union officials say must be completed before production work can resume. Arizona-based Freeport briefly resumed open-pit mining production on May 28, but after a worker died in a separate accident the government asked the company to suspend operations until a government investigation was completed. Ridho Wattimena, a mining engineer who is heading the government-led probe, told Reuters a report on the accident could be handed to the ministry within days. "We plan to submit the report of the investigation this weekend or early next week," Wattimena said, adding that the team would then continue inspecting other mines in Indonesia. Government officials said they did not know when the investigation would be wrapped up and would seek input from industry experts on the preliminary results. A stoppage of three months would cut around 125,000 tonnes of copper, or about half a percent, from global supply, Reuters estimates show. Combined with other disruptions, this could wipe out an expected small market surplus and boost global prices . Industry sources say large miners typically have three to four weeks of ore stockpiled at port, and around three days on site. Primayanti said she could not give details on stock levels, but Freeport Indonesia declared a force majeure on some concentrate sales about one month into a 2011 strike. Indonesia's only copper smelter, PT Smelting, said on Monday it had taken just one shipment from Freeport Indonesia since last month's accident. Link this Share this Digg this Email Reprints

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