VANCOUVER (miningweekly.com) – The NYSE-listed stock of US-based diversified miner Freeport-McMoRan (FCX) 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 a $3.8-billion write-down of the carrying value of its oil and gas properties, on the back of faltering West Texas Intermediate prices.

Excluding special items, adjusted net income attributable to common stock totalled $220-million, $0.15 a share, below analyst forecasts calling for earnings a share of $0.16 apiece.

The mining company posted revenue of $3.34-billion in the period, also below the average that analysts forecast of $3.47-billion, but higher than the $3.24-billion reported in the comparable period a year earlier.

Regulatory restrictions barred FCX from exporting concentrates from its Indonesia operations from mid-January. However, the Indonesian government on Friday issued a permit to its 90.64%-owned subsidiary PT Freeport Indonesia's (PT-FI), which operates the massive Grasberg copper mine, to enable exports to resume for a six-month period. PT-FI has started loading export shipments and plans to ramp up its production to full rates during the second quarter of 2017.

Negotiations on a new licence and other agreements will take place in the interim.

“Our strong focus on cost and capital discipline combined with improved market conditions for copper are producing solid results. The resumption of concentrate exports in Indonesia and expected continued strong performance from our Americas operations will enable us to generate significant cash flows in the balance of the year to achieve our balance sheet objectives. Our team is focused on reaching a positive near-term resolution to protect our past investments and support our long-term investment plans in Indonesia and in building long-term values in our large portfolio of high-quality copper assets in the Americas,” president and CEO Richard Adkerson stated Tuesday.

FCX sold less copper and gold than it had forecast for the quarter ended March, as the Indonesian export ban impacted on operations. It also fell short of last year's first quarter sales numbers.

FCX stated that because of the first-quarter regulatory restrictions and uncertainties regarding long-term investment stability, PT-FI has taken actions to adjust its cost structure, reduce its workforce and slow significant investments in its underground development projects and new smelter.

Consolidated sales for the year are expected to hit 3.9-billion pounds of copper, 1.9-million ounces of gold and 93-million pounds of molybdenum, including 1-billion pounds of copper, 440 000 oz of gold and 24-million pounds of molybdenum for the current quarter.

The NYSE-listed stock closed up 7.11% on Tuesday at $13.10 apiece.