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Freeport says Indonesia mine talks progress, profit falls short

FILE PHOTO: A view of processing facilities at Tenke Fungurume, a copper and cobalt mine 110 km (68 miles) northwest of Lubumbashi in Congo's copper-producing south, owned by miner Freeport McMoRan, Lundin Mining and state mining company Gecamines, January 29, 2013.

Jonny Hogg/File Photo

TORONTO (Reuters) - Freeport-McMoRan Inc said on Tuesday that it was encouraged by recent progress in talks with Indonesia to resolve a lengthy permit dispute for its massive Grasberg mine, but will pursue arbitration if a long-term deal cannot be reached.

Arizona-based Freeport, the world's biggest publicly listed copper miner, reported second-quarter profit and production that fell short of expectations, reflecting an ongoing strike at Grasberg.

As tight global copper supplies helped lift the price of copper to five-month highs, Freeport shares surged more than 8 percent in early...