21 Jan 2009

Freeport in Papua tightens belt during crisis despite protests

11:56 am on 21 January 2009

A gold and copper mining company operating in Indonesia's Papua region is cutting costs and jobs, in response to the global economic recession and the falling price of copper, despite a protest by the workers union.

According to the Jakarta Post, a spokesman for PT Freeport Indonesia Mindo Pangaribuan said that cost-efficiency measures would include a moratorium on recruiting non-essential staff and laying off as many as 75 employees at the Jakarta headquarters, among other things.

Contracting companies affiliated with Freeport have also carried out cost-cutting measures by laying off some workers.

He said the company hoped to produce 1-point-3 billion pounds of copper, and 2-point-1 million ounces of gold this year.