October 25, 2017 / 12:11 PM / a year ago

Freeport reports bigger third-quarter profit

TORONTO, Oct 25 (Reuters) - Freeport-McMoRan Inc, the world's second largest publicly-listed copper miner by valuation, reported an increase in third-quarter adjusted profits on Wednesday, buoyed by a big jump in copper prices.

The Arizona-based company also said it was encouraged by continued progress in negotiations with Indonesia to secure a new permit for its Grasberg copper and gold mine. The company has not announced any developments on a framework agreement since it was announced in late August.

For the three month period to end September, Freeport reported an adjusted profit of $492 million, or 34 cents a share, compared to an adjusted profit of $178 million, or 13 cents a share in the same period last year. (Reporting by Susan Taylor)

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