Global copper prices rise amid suspension at Freeport’s major mine
Copper prices climbed on Friday, closing the week with strong gains after U.S.-based Freeport-McMoRan confirmed a production halt at Grasberg, one of the world’s largest copper mines in Indonesia. The suspension was prompted by search-and-rescue efforts for seven miners trapped underground following a mudflow, Kazinform News Agency reports.
On the COMEX exchange, December copper futures rose to $4.6880 per pound, marking a one-month high. Prices gained about 3% over the week, 3.58% for the month, and more than 12% year-on-year.
Freeport stated that additional time is needed to clear debris and restore access to the lower levels of the mine. The missing workers have not yet been located.
In its official update, Freeport said expert teams are working around the clock to locate the seven PT Freeport Indonesia contractors. Extensive efforts are underway to clear access routes to the service level of the mine where the workers were last stationed, while additional drilling has been carried out near a refuge chamber close to the affected area.
Rising global copper prices have a tangible impact on Kazakhstan, where mining is a backbone of the economy. KazMinerals, one of the country’s leading companies, produced about 380,000 tonnes of copper concentrate in 2024, underscoring Kazakhstan’s role as a major supplier to global markets.
Earlier, Kazinform reported that Kazakhstan remains a key player in global mining, supplying 38% of the world’s uranium in 2024 and steadily increasing copper output. Experts warn that high resource concentration creates geopolitical risks, but note growing international interest in Kazakhstan’s critical minerals and infrastructure projects.