(Reuters) -Freeport-McMoRan beat Wall Street estimate for third-quarter profit on Thursday, as higher copper prices helped counter lower production after operations were suspended at its Grasberg mine
in Indonesia.
Average copper prices rose during the quarter from the year earlier, supported by signs of better demand in key consumer China as authorities vowed to stabilize industrial growth and a major hydropower project in Tibet.
Quarterly average realized price for copper was $4.68 per pound, compared with $4.30 per pound a year earlier.
Freeport-McMoRan had warned of lower consolidated copper and gold sales in the third quarter, following a nearly month-long halt in operations at the Grasberg mine after around 800,000 metric tons of wet material flooded the site on September 8.
Heavy mudflows had trapped seven workers underground, all of whom were confirmed dead by the company earlier this month.
Freeport's copper production stood at 912 million recoverable pounds during the third quarter, compared with 1.05 billion recoverable pounds a year earlier. Gold production was at 287,000 recoverable ounces, compared with 456,000 recoverable ounces a year ago.
The company reported an adjusted profit of 50 cents per share for the three months ended September 30, compared with analysts' average estimate of 41 cents, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)
