Foreign media on October 25, freeport-mcmoran copper &gold company (freeport-mcmoran Inc) said on Wednesday, quarterly earnings better than expected, because of the Indonesian new mining license progress in protracted negotiations, the company based on market capitalization, the world's second largest listed copper miner.
Indonesia's large Grasberg copper and gold mine
In late July, an Indonesian energy and mining ministry official said Indonesia had agreed with freeport that the new mining license for the Grasberg copper mine would remain valid until 2021.
The company reported a third-quarter adjusted profit of $492 million, or 34 cents a share.
Analysts had expected 31 cents a share. Freeport's revenue was $4.3 billion, better than analysts' forecasts of $4.08 billion.
The company reported that the adjusted copper sales were 932 million pounds, and gold was 3.55 million ounces, compared with a forecast of 94 million pounds and 375,000 ounces in July. The average real price of copper rose to $2.94 a pound, compared with $2.19 a year earlier. The average price of gold is $1,290 an ounce, down from $1,327 last year.
Freeport maintained its 2017 sales forecast unchanged at 3.7 billion pounds of copper and 1.6 million ounces of gold.
