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.
