Freeport-McMoRan Profit Beats as High Copper Prices Offset Grasberg Hit

FREEPORT- Jan 22. Miner Freeport-McMoRan beat Wall Street estimates for fourth-quarter profit on Thursday, as higher copper and gold prices helped offset lower production after Indonesia's Grasberg mine incident that killed seven workers.

Average copper prices rose in the fourth quarter and hit all-time highs late in December thanks to robust U.S. economic growth, a pick-up in Chinese demand as well as supply constraints.

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