Freeport-McMoRan Copper & Gold Inc. struck a deal with Indonesian government officials Friday to immediately resume operations at Grasberg, ending a six-month tax dispute, while opening the door for other miners to follow suit. Freeport, Indonesia’s No. 1 copper miner will begin shipments next month; it operates one of the world’s biggest mines in West Papua.
In its Q2 earnings report, Cliffs Natural Resources said year-over-year revenues had declined by 26%. The lower revenues were primarily due to weak prices for iron ore and metallurgical coal, as well as a 24% decrease in sales volume from the company’s U. S. iron-ore operations.