The NYSE-listed stock of US-based diversified miner Freeport-McMoRan on Tuesday closed 7.11% higher despite the miner reporting earnings below analyst forecasts, as investors were pleased with the company reporting resumed copper concentrate exports from Indonesia following a three-month ban.
The Phoenix-based miner reported first-quarter net income of $228-million, or $0.16 a share, compared with a $4.18-billion loss, or $3.35 a share, in the same period a year earlier when the company booked $3.8-billion write-down of the carrying value of its oil and gas properties, on the back of faltering West Texas Intermediate prices.
