April 25, 2017 / 12:27 PM / a year ago

Miner Freeport's sales take hit from Indonesia export ban

TORONTO, April 25 (Reuters) - Freeport-McMoRan Inc, the world’s biggest publicly listed copper miner, reported first-quarter results on Tuesday that reflected a months-long Indonesian export ban at its massive Grasberg mine, which clipped sales.

Freeport, which resumed copper concentrate exports from Indonesia on April 21 after gaining a temporary permit, said adjusted profit was $220 million, or 15 cents a share, in the first quarter. That compares with an adjusted loss of $196 million, or 16 cents per share, in the same period last year.

The export ban, which began Jan. 12, meant deferred sales of 190 million pounds of copper and 280,000 ounces of gold in the first quarter, Freeport said. It posted consolidated sales of 809 million pounds of copper, 182,000 ounces of gold and 24 million pounds of molybdenum. (Reporting by Susan Taylor; Editing by Chizu Nomiyama)

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