13 Dec 2011

Freeport said to be close to ending strike in Papua

10:08 pm on 13 December 2011

The US-based miner Freeport McMoRan and its Indonesian workers' union at the huge Papua copper and gold mine are expected to sign a pay deal later in the coming hours to end a three-month strike.

The strike has crippled production at the world's second-biggest copper mine.

Reuters reports that the two sides have agreed to a pay rise of 40 percent over two years to end Indonesia's longest-running industrial dispute, and will sign the agreement in Jakarta.

It was not clear when the U.S. miner would be able to resume production or end a force majeure on exports, which was declared in October and helped boost copper prices.