Shares of Freeport-McMoRan  (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report, the world's largest publicly traded copper firm, were higher by 6.13% to $12.96 per share during late morning trading on Tuesday after it slashed its production outlook, the Financial Times reports.

The lower forecast stems from a dispute with the Indonesian government which has banned Freeport-McMoRan exports from the country's Grasberg Mine, the world's second-biggest copper mine.

The Phoenix-based firm had anticipated selling 4.1 billion pounds of copper this year and now expects 3.9 billion after Jakarta banned shipments from Grasberg.

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