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Freeport-McMoran (FCX) said on Wednesday that PT Freeport Indonesia (PTFI) located two team members who were fatally injured in the September 8 mud rush incident at the Grasberg Block Cave mine (GBC) in Indonesia.   

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The company stated that the members were located on September 20, and extensive efforts are ongoing to search for the five PTFI team members who remain missing. Freeport said that the teams were working around the clock, clearing mud and debris, and are making steady progress to reach the areas where the remaining team members were working at the time of the incident.

Freeport stated that during the incident, a sudden surge of approximately 800,000 metric tons of wet material entered the mine and traveled rapidly to multiple mine levels, including the service level where the missing team members were conducting development activities.

The company added that mining operations in the Grasberg minerals district have been temporarily suspended since the incident. Freeport stated that PTFI has initiated an investigation to determine the cause of this incident and is collaborating closely with Indonesian government authorities, who are also reviewing the incident.

The firm said that for the third quarter of 2025, its consolidated sales are expected to be approximately 4% lower for copper and approximately 6% lower for gold than the July 2025 estimates.

Retail sentiment on Freeport improved to ‘extremely bullish’ territory from ‘neutral’ territory a day ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits. Shares of the company were down 15% during midday trading.

The company noted that sufficient information was not currently available to forecast future production estimates. Preliminary assessments indicate that the impacts are likely to result in the deferral of significant production in the near term as repairs are completed and a phased restart and ramp-up of operations commence.

A return to pre-incident operating rates could potentially be achieved in 2027, Freeport said. Shares of the company have gained nearly 1% this year and have fallen 21% in the last 12 months.

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