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Freeport McMoRan quarterly profit drops 86 percent

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(Reuters) – Freeport McMoRan Inc <FCX.N>, the world’s second-largest copper miner, said on Thursday its fourth-quarter profit fell 86 percent due in part to a drop in prices for the red metal.

The company posted net income of $140 million, or 9 cents per share, compared to $1.04 billion, or 70 cents per share.

Copper production fell 17 percent to 841 million pounds.

(Reporting by Ernest Scheyder)

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