Boston, MA 10/07/2013 (wallstreetpr) – Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is working on finalizing an agreement between the management and the workers. The second largest copper mine of the world, Freeport’s Grasberg mine in Papua is expecting to sign the deal by mid- October. The deal was supposed to be signed earlier, by Friday last week. However, the Chief Executive Officer, Rozik Soetjipto commented that they are still working on the documents.
There are about 24,000 employees at Freeport Indonesia which includes the staff as well as the contractors. Setting aside one-fourth out of these, all the rest are members of the union. One of the official of the Freeport Indonesia workers’ union commented that they are still due to sign the contract. He also signaled at the possibility of a strike which would be their move in case the deal was delayed any further than this week. The deadline of the same was Friday he confirmed. The company is nevertheless quite positive that the workers would not call on for a strike. They were concerning themselves over some related issues which is causing the delay, they justified.
Earlier in May, the debate about the wages and pensions of the workers and other issues concerning their rights and obligations were put on hold because of the tunnel mishap which had brought all the operations at the site to a stop. The accident had taken a toll on the lives of 28 people. The talks had resumed in the following month of June. Currently, the mine is producing 15% lesser Copper ore than its original capacity of more than 220,000 metric tons every day.
Freeport is also worrying itself with the Government imposed ban on the export of mineral ores. It fears it might have to shut down the Grasberg mine after the ban comes to effect in January.
