Freeport-McMoRan Copper & Gold Inc. Announces Increase in Annual Common Stock Dividend to $1.20 Per Share
21 April 2010 - 2:00PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced
today that its Board of Directors has authorized an increase in its
annual common stock dividend from $0.60 per share to $1.20 per
share. The Board would declare a quarterly dividend of $0.30 per
share, with the initial increased dividend expected to be paid in
August 2010.
James R. Moffett, Chairman of the Board of FCX, and Richard
C. Adkerson, FCX’s President and Chief Executive Officer, said,
“The Board's action to increase the quarterly cash dividend to be
paid to holders of our common stock reflects our financial strength
and the positive operating performance and outlook for our business
and markets. Our financial policy is reviewed on a continual
basis by our Board of Directors. This policy is designed to
maintain a strong balance sheet to provide financial flexibility
for our future investments to generate growth of our assets and to
provide attractive returns to shareholders.”
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 approximately 431 million shares of common stock
outstanding. FCX’s 6 3/4% Mandatory Convertible Preferred Stock
automatically converts on May 1, 2010, and assuming the minimum
conversion rate of 1.3716 shares of FCX common stock for each share
of the preferred stock, FCX would have approximately 470 million
common shares outstanding after conversion.
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 has a dynamic portfolio of
operating, expansion and growth projects in the copper industry and
is the world’s largest producer of molybdenum.
The company’s portfolio of assets includes the Grasberg mining
complex, the world’s largest copper and gold mine in terms of
recoverable reserves, significant mining operations in the
Americas, including the large scale Morenci and Safford minerals
districts in North America and the Cerro Verde and El Abra
operations in South America, and the Tenke Fungurume minerals
district in the Democratic Republic of Congo. Additional
information about FCX is available on FCX’s web site at
www.fcx.com.
Cautionary Statement. This press release contains
forward-looking statements in which we discuss factors we believe
may affect our performance in the future. Forward-looking
statements are all statements other than historical facts, such as
statements regarding timing of dividend payments. The declaration
and payment of dividends is at the discretion of the Company's
Board of Directors and will depend on the Company's financial
results, cash requirements, future prospects, and other factors
deemed relevant by the Board. Additionally, important factors that
might cause future results to differ from these projections include
mine sequencing, production rates, industry risks, commodity
prices, political risks, weather-related risks, labor relations,
currency translation risks and other factors described in FCX's
Annual Report on Form 10-K for the year ended December 31, 2009,
filed with the Securities and Exchange Commission.
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024