🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Freeport CEO says Indonesian unit has begun laying off workers

Published 20/02/2017, 03:36 pm
© Reuters.  Freeport CEO says Indonesian unit has begun laying off workers

JAKARTA, Feb 20 (Reuters) - Freeport McMoRan Inc's FCX.N chief executive said on Monday the company's Indonesian unit has made its first lay-offs since a dispute over its mining contract started with the Indonesian government and may let go of more workers this week.

Richard Adkerson told a news conference in Jakarta that about 10 percent of the expatriate workforce had been laid off on Friday and that this week "we will be releasing contract workers."

Of Freeport Indonesia's 32,000 workers, only 12,000 are employees and the rest are contractors, he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.