Freeport- McMoRan Copper & Gold Inc. Declares $0.50 per Share Supplemental Common Stock Dividend
20 April 2011 - 2:00PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced
today that its Board of Directors has declared a supplemental
common stock dividend of $0.50 per share to be paid on June 1, 2011
to shareholders of record as of May 15, 2011. The supplemental
dividend to be paid in June represents an addition to FCX’s regular
quarterly common stock dividend of $0.25 per share.
The declaration 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. Based on approximately 947 million common shares
currently outstanding, the June 2011 supplemental dividend payment
will approximate $474 million.
James R. Moffett, Chairman of the Board and Richard C.
Adkerson, President and Chief Executive Officer of FCX, said, “This
action reflects our established financial policy of maintaining a
strong balance sheet, prioritizing uses of cash to future growth
and returning excess cash to shareholders. Our recent
financial performance, strong balance sheet and the positive market
environment for our products enables us to invest aggressively in
our attractive portfolio of growth projects while providing strong
cash returns to shareholders. ”
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 minerals
district, 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 website at
www.fcx.com.
Cautionary Statement. This press release contains
forward-looking statements in which we discuss factors we believe
may affect our potential future performance. Forward-looking
statements are all statements other than historical facts, such as
statements regarding timing of dividend payments. The declaration
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. In addition, important factors that might cause
actual results to differ materially from results anticipated by
forward-looking statements include factors described in FCX's
Annual Report on Form 10-K for the year ended December 31, 2010,
filed with the Securities and Exchange Commission.
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