April 24 (Reuters) – Freeport-McMoRan Inc, the world’s biggest listed copper miner, reported a lower-than-expected quarterly profit on Tuesday as copper sales missed the company’s forecast. The miner, which is in negotiations with the Indonesian government to divest a majority stake in Grasberg mine, sold 993 million pounds of copper and 610,000 ounces of gold in the first quarter. Freeport in January had forecast selling 1 billion pounds of copper and 675,000 ounces of gold. Average realized price of copper rose 16.5 percent to $3.11 per pound, Phoenix, Arizona-based Freeport said. Profit attributable to common stock rose to $692 million, or 47 cents per share, in the three months ended March 31, from $228 million, or 16 cents a share, a year earlier.Revenue rose to $4.87 billion from $3.34 billion. Excluding one-time charges, the profit was 46 cents per share, while analysts on average had expected 56 cents, according to Thomson Reuters.
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