Freeport third-quarter profit beats on higher copper sales

[BENGALURU] Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, beat analysts' estimates for quarterly profit on Wednesday, driven by higher copper sales.

The company's third-quarter copper sales rose to £1.04 billion from £932 million, at an average price of $2.80 per pound.

Freeport agreed during the quarter to sell a majority stake in Indonesia's Grasberg mine, the world's second-biggest copper mine, to the Indonesian government via a series of complex deals worth about US$3.85 billion.

"The pending completion of our new long-term partnership with the Indonesian government will enable us to de-risk a world class asset," Chief Executive Officer Richard Adkerson said in a statement on Wednesday.

On an adjusted basis, the company's net income rose to US$514 million, or 35 cents per share, in the third quarter ended Sept 30, from US$492 million, or 34 cents per share, a year earlier. [

Analysts had expected the company to earn 33 cents per share, according to Refinitiv estimates.

Revenue increased 13 per cent to US$4.91 billion, beating estimates of US$4.56 billion.

REUTERS