Freeport Says Five More Found Dead After Grasberg Mudslide

The Grasberg Copper and Gold mine in Papua, Indonesia on Sept.

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(Bloomberg) -- Freeport-McMoRan Inc. has found the bodies of five more workers at the Grasberg copper mine in eastern Indonesia, following a mudslide last month that halted production at the site.

The miners were found on Sunday following a weeks-long search, the company said in a statement. The latest development at the site in Central Papua province brings the death toll to seven.

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The disruption at the world's second-biggest copper mine is the latest to strain the market, following accidents at other major operations across the world earlier this year. Prices for the metal are now closing in on a record high, supported by looser US monetary policy and a weaker dollar.

Freeport has declared force majeure on its Indonesian shipments and also slashed production guidance for this year and next.

The company is currently investigating the cause of the incident, which it said was unprecedented in its history.

Production at the site remains suspended, the US miner said.

The firm is working closely with the government to review the incident and its operating plans.