NEW YORK (TheStreet) -- Freeport-McMoRan (FCX) - Get Report stock is increasing by 3.17% to $4.56 in afternoon trading on Friday, as higher oil and copper prices overshadow the company's expired export license in Indonesia.
The natural resource company's six-month license to export natural resources from Indonesia expired today.
Last year, Freeport exported 744 million pounds of copper valued around $1.73 billion from its Indonesia-based Grasberg mine, Reuters reports.
The Indonesian government has asked Freeport for a $530 million deposit on a new smelter as a condition for receiving an extension to the export license.
"Without an export permit, there can be no exports. The exporter knows that," Didi Sumedi, Indonesia's director of mining and industrial products told Reuters.
However, a Freeport spokesperson indicated that "everything is normal," Reuters adds.
Shares are nonetheless rising today as copper and oil prices rally on investors' hopes for tightened supplies.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Freeport-McMoRan's weaknesses include its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: FCX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.