FLSmidth Shares Rise on $85 Million South American Contract
FLSmidth & Co. A/S, the Danish supplier of mining equipment, rose to the highest level in five months in Copenhagen trading after winning South American orders worth $85 million.
FLSmidth rose as much as 4.5 percent to 419 kroner, its highest since Aug. 1. The shares advanced 8.5 kroner, or 2.2 percent, to 397.5 kroner at 1:08 p.m. in the Danish capital, giving the Copenhagen-based company a market value of 21.1 billion kroner ($3.62 billion).
FLSmidth said today’s orders are for equipment, including gyratory crushers, to an unidentified copper producer in South America. Global copper demand is rising, and the metal’s price neared a four-month high today in New York trading. European copper demand will rebound and prices will climb 26 percent in the next 12 months, Goldman Sachs Group Inc. said Dec. 20.
“FLSmidth sees opportunities in the upgrading and expansion of existing plants as well as in being able to provide for new plants,” Chief Executive Officer Joergen Huno Rasmussen said in the statement.
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