A strike at Freeport-McMoRan Copper & Gold's vast Grasberg nine in Indonesia's Papua region has slowed production "significantly," according to a chief executive for the mining company
Richard Adkerson gave no details to CNBC of how much production has been lost, but said the company is working with the Indonesian government and the miners' union to resolve the situation.
His comments came, as the copper price fell to a 9-1/2 month low on poor global demand prospects after the International Monetary Fund cut its outlook for global growth.
Reuters reports on September 20, the London Metal Exchange saw copper shed US$55 to close at $8,309 a tonne, its lowest level on a closing basis since last November.
But the union, which declared a month-long strike for an estimated 11,000 mine workers from Sept. 15, said it had not reached agreement and a strike for higher wages, was still in place.
