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Freeport-McMoRan Fourth-Quarter Profit Slips

Richard Adkerson, CEO, Freeport McMoRan
Richard Adkerson, CEO, Freeport McMoRan

Freeport-McMoRan Copper & Gold, which is buying mining rival Phelps Dodge for $25.9 billion, Tuesday reported fourth-quarter profit fell as a result of lower copper and gold output.

Net earnings were $426 million, or $1.99 per share, compared with $463 million, or $2.19 per share, a year earlier, the New Orleans-based company said. Revenues for the quarter rose to $1.64 billion from $1.49 billion in the same period a year ago.

Freeport , which has benefited from higher gold and copper prices and better-than-expected output from its vast Grasberg mine in Indonesia, said in October it expected fourth-quarter production to be strong, along with the first quarter of 2007.