Freeport's Grasberg mine has one of the biggest copper and gold reserves in the world.
Police say four miners died and 10 others were evacuated after the tunnel caved in at Freeport's Grasberg mine, in the eastern province of Papua.
He has also told us he plans to follow the model he used for the development of the Grasberg Mine at Freeport Copper and Gold (FCX) years ago.
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Rio Tinto competes with global metals and mining giants like Vale, BHP, Freeport McMoran and other companies that mine bauxite, copper, coal and iron ore.
Rio Tinto, the global mining giant, competes primarily with global metals and mining giants like Vale, BHP Billiton, Freeport McMoran and other companies that mine bauxite, copper, coal and iron ore.
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Freeport has suspended all operations at the mine out of respect for the workers killed, the company says.
Freeport blamed this drop largely on changes to mine plans at the Grasberg mine in Indonesia, which delayed access to higher-grade material, and a slower-than-expected ramp-up at the Deep Ore Zone underground mind.
Freeport has faced a host of issues at the mine, including significant labor disruptions and now this regulation.
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Apart from a cooling global economy and the prospects of soft landing in China, Freeport faced labor disputes, particularly in its Grasberg mine in Indonesia.
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Rio Tinto competes primarily with global metals and mining giants like Vale, BHP, Freeport McMoran and other companies like Cliffs Resources that mine bauxite, copper, coal and iron ore.
However, in 2013, Freeport will be gaining access to higher grades of its mine and output is expected to start rising again, the CEO explained.
Mining firm Freeport said at least four miners were rescued at its Grasberg mine after an underground tunnel collapsed early on Tuesday.
Freeport Indonesia said in February that it expected output from the Grasberg mine to rise 30% this year, after falling around 40% last year due to strikes and its mining an area with lower mineral content.
Based in Pheonix, Phelps Dodge has copper mining operations in the U.S., Chile, Peru and Congo, while New Orleans-based Freeport operates the vast open-pit Grasberg gold, copper, and silver mine in Indonesia, and has reserves of about 37 billion pounds of copper and 40 million ounces of gold.
This latter practice is currently under scrutiny following allegations that an American firm, Freeport-McMoRan, paid millions of dollars to individual officers to protect its copper and gold mine in separatist-ravaged Papua.
Freeport McMoRan will get only 3 tonnes of copper from a 360-tonne truckload at its Irian Jaya copper mine in Indonesia.
Moffett was the founder and chairman of Freeport-McMoRan in 1981, and in 1988 led the company to a giant gold discovery at the Grasberg mine in Indonesia.
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