SHOWCASE MINE OF THE WEEK - GRASBERG GOLD MINE!!

Grasberg mine located in the Papua province of Indonesia currently ranks as the world’s seventh deepest open pit operation. The mining operation at Grasberg consists of both open pit and underground mines. The Grasberg open pit is more than 550m deep. Grasberg is the largest gold mine in the world. The mine also produces copper and silver. The Grasberg open pit operation started in 1990. The mine is operated by Freeport Indonesia (PTFI), a subsidiary of Freeport-McMoRan Copper & Gold (FCX) which owns 90.64% of the Grasberg mining operation. The mine produced 862,000 ounces of gold and 695Mlbs of copper in 2012. The proven and probable ore reserve at Grasberg (open pit + underground) as of December 2012 was estimated at 2.424Mt grading 0.83g/t gold, 4.24g/t silver and one percent copper - Mining Technology.