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Freeport-McMoRan shares up 1.6%

ByVictoria

Miner Freeport-McMoRan (FCX.N), beat Wall Street estimates for second-quarter profit on Wednesday, as higher copper and gold prices helped offset lower production.

The company’s shares rose 1.6% to $40.54 in pre-market trade.

Freeport could be a big beneficiary, seeing as much as $1.6-billion boost to annual profit, given its position as the largest U.S. producer with more expansion options than rivals.

Freeport, which supplies about 70% of U.S. refined copper, said it expects to sell 1.3 billion pounds from its domestic mines in 2025.

Source – Reuters

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