Business
Freeport-McMoRan Declares Quarterly Cash Dividend on Common Stock
PHOENIX / Sep 22, 2021 / Business Wire / Freeport-McMoRan Inc. (NYSE: FCX) announced today that its Board of Directors (“Board”) declared a cash dividend of
About this update from Freeport-mcmoran, Inc.
[{"type":"text","content":"PHOENIX / Sep 22, 2021 / Business Wire / Freeport-McMoRan Inc. (NYSE: FCX) announced today that its Board of Directors (“Board”) declared a cash dividend of $0.075 per share on FCX’s common stock payable on November 1, 2021, to stockholders of record as of October 15, 2021. As previously reported on February 2, 2021, the Board adopted a financial policy for the allocation of cash flows aligned with FCX’s strategic objectives of maintaining a strong balance sheet, increasing cash returns to shareholders and advancing opportunities for future growth. The policy includes a base dividend of $0.30 per share per annum and a performance-based payout framework whereby up to 50 percent of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects. With the recent achievement of FCX's net debt target in the range of $3-$4 billion in second-quarter 2021, FCX expects the Board to consider the amount of additional cash returns to shareholders following its 2021 annual results. Available cash flows for performance-based payout distributions in excess of the base dividend will be assessed by the Board at least annually. FREEPORT: Foremost in Copper FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com. Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements, which are all statements other than statements of historical facts, such as statements regarding FCX’s expectations, ...