Freeport-McMoRan Copper & Gold Inc. Announces Increase in Annual Common Stock Dividend to $1.25 per Share
07 Februar 2012 - 10:38PM
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 $1.00 per share to $1.25 per
share. Dividends are paid quarterly as declared by the Board with
the initial quarterly dividend of $0.3125 per share expected to be
paid in May 2012.
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 regular cash dividend to be
paid to holders of our common stock reflects our financial strength
and positive outlook for our business. Our financial policy,
which is reviewed on an ongoing basis by our Board of Directors, is
designed to maintain a strong credit profile to support our
operations, provide flexibility for financially attractive
investments and 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 948 million shares of common stock
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 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 in Indonesia, the world’s largest copper and gold mine in
terms of recoverable reserves; significant mining operations in the
Americas, including the large scale Morenci minerals district 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.
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
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, 2010, filed
with the Securities and Exchange Commission.
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