July 25, 2018 / 12:11 PM / 2 months ago

Freeport reports jump in quarterly profit, revenue

TORONTO, July 25 (Reuters) - Freeport-McMoRan Inc, the world’s biggest publicly listed copper miner, reported a big jump in second-quarter earnings on Wednesday in contrast to year-ago results hurt by a strike and operating issues at its giant Indonesian mine Grasberg.

Phoenix, Arizona-based Freeport said quarterly adjusted profits rose to $853 million, or 58 cents per share, compared with $241 million, or 17 cents a share, a year earlier. Revenue increased to $5.2 billion from $3.7 billion.

Earlier this month, Freeport said it would sell a majority stake in Grasberg, the world’s second-biggest copper mine, to the Indonesian government via a series of complex deals including Rio Tinto worth $3.9 billion. (Reporting by Susan Taylor Editing by Chizu Nomiyama)

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