Freeport-McMoRan says Indonesian mine strike ends

AP News
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Posted: Jul 11, 2011 3:21 PM
Freeport-McMoRan says Indonesian mine strike ends

Freeport-McMoran Copper & Gold Inc. said Monday it has reached an agreement with Indonesian workers to end a week-long strike at its massive Grasberg mine.

Thousands of employees will begin returning to work on Tuesday, company spokesman Eric Kinneberg said in an e-mail sent The Associated Press.

In addition, negotiations will begin on a collective labor agreement that is scheduled to be renewed in October, he said.

The striking workers were seeking higher wages and protesting the dismissal of union leaders at the mine in the remote province of Papua.

Mining, milling and concentrate loading operations were impacted by the work stoppage, Kinneberg said. Those operations will resume as employees return to work.

Shares of the Phoenix company fell $1.70, or 3.1 percent, to $53.42 in afternoon trading amid a broad market pullback.