Freeport stock soars 15% on copper prices, permit progress

July 25, 2017

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Freeport-McMoRan shares jumped to a 16-month high on Tuesday, as soaring metal prices and progress in a long-running, costly permit dispute with Indonesia buoyed the world’s biggest publicly traded copper miner.

Investors brushed aside quarterly results and full-year forecasts that were short of expectations, focusing instead on a two-year high for copper prices and CEO Richard Adkerson’s confidence in securing a new mining agreement by October for Freeport’s giant Grasberg mine.

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