Gold and Copper Prices May Soar as Miners Walk Out

by greg1usa | July 6, 2011 at 11:23 pm

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Indonesia - Miners strike threatens to rock Gold and Copper markets around the globe.

Thousands of mining workers have gone on strike in Indonesia's Papua province. The mine run by the U.S. firm Freeport McMoRan is one of the worlds biggest producers of Gold and Copper ores.

Workers who currently earn around $1.50 an hour, are demanding pay increases stating that they are underpaid in comparison to Freeport McMoRan miners in other Countries.

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Papua is a resource-rich region in the west of New Guinea island. The Freeport mine sits on some of the world's biggest gold reserves and is one of the largest copper producers."

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"The production has completely stopped," said Dionisius Mameyau, the head of the government's local manpower office. "Freeport management admitted this in a meeting with the Freeport Indonesia union, which still hasn't resulted in any deal." "