PHOENIX--(BUSINESS WIRE)--Freeport-McMoRan Inc. (NYSE: FCX) announced today that its Board of
Directors has reinstated a cash dividend on its common stock. The Board
intends to declare a quarterly dividend of $0.05 per share, with the
initial quarterly dividend expected to be paid on May 1, 2018.
Richard C. Adkerson, FCX’s President and Chief Executive Officer,
said: “Our Board’s action to reinstate common stock dividends reflects
strong execution of our plan to strengthen FCX’s financial position over
the last two years, improved market conditions and a positive outlook
for strong cash flow generation. We expect to continue to strengthen our
balance sheet, maintain a disciplined approach to investing in
attractive growth projects as economic conditions warrant and provide
cash returns to shareholders. We remain focused on building values for
shareholders and a continuation of positive market conditions will
enable the consideration of additional cash returns to shareholders,
consistent with our long-standing tradition.”
The declaration and payment of dividends is at the discretion of the
Board and will depend on the company's financial results, cash
requirements, future prospects, and other factors deemed relevant by the
Board.
FCX has 1.45 billion common shares outstanding.
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 the world’s largest publicly traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world’s largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America. 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 historical facts, such as statements regarding
timing and payment of dividends. The declaration and payment of
dividends is at the discretion of FCX's Board of Directors and will
depend on FCX's financial results, cash requirements, future prospects,
and other factors deemed relevant by the Board. FCX cautions readers
that forward-looking statements are not guarantees of future performance
and its actual results may differ materially from those anticipated,
projected or assumed in the forward-looking statements. Important
factors that can cause FCX's actual results to differ materially from
those anticipated in the forward-looking statements include commodity
prices, production rates, industry risks, regulatory changes, weather-
and climate-related risks and other factors described in more detail
under the heading “Risk Factors” in FCX's Annual Report on Form 10-K for
the year ended December 31, 2016, filed with the U.S. Securities and
Exchange Commission (SEC) as updated by FCX’s subsequent filings with
the SEC.
Investors are cautioned that many of the assumptions on which FCX's
forward-looking statements are based are likely to change after its
forward-looking statements are made, including for example commodity
prices, which FCX cannot control, and production volumes and costs, some
aspects of which FCX may or may not be able to control. Further, FCX may
make changes to its business plans that could or will affect its
results. FCX cautions investors that it does not intend to update
forward-looking statements more frequently than quarterly
notwithstanding any changes in FCX's assumptions, changes in business
plans, actual experience or other changes, and FCX undertakes no
obligation to update any forward-looking statements.