Morning Bites (part 3)

⛏️ Freeport has temporarily suspended operations at its Grasberg mine in Indonesia, following an underground incident involving a flow of wet material that blocked key access routes, according to a company press release. Rescue efforts are underway, and all workers are reported safe

Grasberg is one of the world’s largest copper and gold mines, accounting for ~3-4% of global mined copper supply. Even a short-term disruption at the site could further tighten the already constrained copper market and lend additional support to prices, in our view — especially when combined with the suspension of Kakula’s underground operations in late-May (~1.5% of global output), along with the recent fatal accident at El Tentiente mine (~2.0% of global supply)

#copper