PHOENIX (AP) — Freeport-McMoRan Copper & Gold Inc.'s third-quarter net income rose, energized by higher copper prices and increased molybdenum demand.
The mining giant also raised its annual dividend by 67 percent. Its stock gained $2.93, or 3.1 percent, to $98.28 in morning trading Thursday.
Despite an uneven global economic recovery, Freeport-McMoRan had expected to see stronger demand for the industrial metals it produces. The Phoenix company said it is working to increase its near-term copper production due to improving market conditions.
Freeport-McMoRan reported net income of $1.18 billion, or $2.49 a share, for the three months ended Sept. 30. That's up from …
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