Announced today that a small scale failure encompassing approximately 75,000 tonnes of material occurred at the Grasberg open pit.
March 31, 2007
In 2004, the company commenced its Common Infrastructure project, which will provide access to its large undeveloped underground ore bodies through a tunnel system located approximately 400 meters deeper than its existing underground tunnel system. In addition to providing access to our underground ore bodies, the tunnel system will enable the company to conduct future exploration in prospective areas associated with currently identified ore bodies. The Common Infrastructure project is progressing according to plan.
December 31, 2006
The company suspended all exploration activities outside of Block A in recent years because of safety and security issues and regulatory uncertainty relating to a possible conflict between mining and exploration rights in certain forest areas and an Indonesian Forestry law enacted in 1999 prohibiting open-pit mining in forest preservation areas. Recent Indonesian legislation permits open-pit mining in PT Freeport Indonesia's Block B area, subject to certain requirements. Following an assessment of these requirements and a review of security issues, the company plans to resume exploration activities in certain prospective Contract of Work areas outside of Block A in 2007.
