Business

Freeport sees profits dip 59% as Indonesia strikes hurt

  • 20 January 2012
  • From the section Business
Police and protesters clash in Timika, Papua province, on 10 October 2011
Image caption Strikes at Freeport's Indonesia mine resulted in violent clashes between workers and the police

The US mining giant Freeport-McMoran has reported a 59% fall in fourth quarter profit as strikes at its Indonesia mine hit production.

The company reported a profit of $640m (£413m) during the period, down from $1.55bn a year earlier.

Freeport's copper and gold mine in Indonesia was hit by a three-month long strike last year due to wage disputes.

However, for the full year, it made a profit of $4.6bn, up from $4.3bn in 2010.

Richard Adkerson, chief executive officer of Freeport said the earnings "were unfavourably impacted by disruptions at our Grasberg operations in Indonesia".

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