US-based Freeport-McMoran is unlikely to sell its copper and gold mine in Grasberg, Indonesia to Barrick Gold, according to media reports. Grasberg ranks among the world’s largest copper mines. Earlier, Barrick had expressed an interest to buy Freeport’s Grasberg mine. Freeport CEO Richard Adkerson, however, denied any deal at a recent event.
In 2019, Freeport’s copper sales were 3.3bn lbs. The company estimates to sell 3.5bn lbs of copper in the year 2020. As per Freeport’s financial outlook reported earlier, the company aims to sell 4.3bn lbs of copper in 2021 and 4.6bn lbs in 2022. Freeport is at present ramping up production by developing underground ore bodies beneath and nearby the Grasberg open pit.