ReutersTORONTO, Oct 25 (Reuters) - Freeport-McMoRan Inc, the world's No. 2 publicly listed copper miner by market value, reported a higher-than-expected quarterly adjusted profit on Wednesday and said it was encouraged by progress in drawn-out talks on a new mine permit in Indonesia.
An agreement on Freeport's massive Grasberg copper and gold mine has been snarled by issues around the valuation, timing and structure of an agreed-upon divestment. Revised Indonesian rules require miners to divest a 51 percent stake, relinquish arbitration rights and pay new taxes and royalties.
"We are encouraged by continued progress in our active negotiations with the Indonesian government regarding our long-term operating rights in Indonesia," said Chief Executive Richard Adkerson in a statement.
That bettered analyst expectations of 31 cents a share, according to Thomson Reuters I/B/E/S, and Freeport's revenue of $4.3 billion topped analysts' estimate of $4.08 billion.
The company reported consolidated sales of 932 million pounds of copper and 355,000 ounces of gold, lagging its July forecast of sales of 940 million pounds of copper and 375,000 ounces of gold. Average realized prices rose to $2.94 per pound of copper, from $2.19 in the same period last year, while the price of gold slipped to $1,290 an ounce from $1,327.
Freeport maintained its 2017 sales forecast of 3.7 billion pounds of copper and 1.6 million ounces of gold, after twice lowering it earlier this year.
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