Freeport-McMoRan Declares Quarterly Base and Variable Cash Dividends on Common Stock
22 Dezember 2021 - 2:30PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that its Board
of Directors (“Board”) declared cash dividends of $0.15 per share
on FCX’s common stock payable on February 1, 2022, to shareholders
of record as of January 14, 2022. This payment includes a $0.075
per share quarterly base cash dividend and a $0.075 per share
variable cash dividend.
As previously disclosed in February 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
and increasing cash returns to shareholders while advancing
opportunities for future growth.
Following achievement of FCX’s net debt target in the range of
$3.0 - $4.0 billion (excluding debt for additional smelting
capacity in Indonesia), FCX announced in November 2021 the
implementation of a performance-based shareholder returns policy,
including the commencement of a $3.0 billion share repurchase
program and expected base and variable dividends on common stock
totaling $0.60 per share for 2022. The policy is being implemented
to direct up to 50% of cash flows after planned capital spending
(excluding Indonesian smelter investments) and distributions to
noncontrolling interests to shareholder returns with the balance
available for investments in future value enhancing growth projects
and further debt reductions. The Board will review the structure
and the amount of performance-based payouts 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
of the execution of any share repurchases under the share
repurchase program and timing, amount and payment of dividends
(base or variable) and FCX’s descriptions of objectives,
strategies, plans, goals or targets, including those related to
FCX’s financial policy, net debt level and future allocation of
cash flows. FCX cautions readers that forward-looking statements
are not guarantees of future performance and actual results may
differ materially from those anticipated, expected, 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, but are not
limited to, changes in FCX’s cash requirements, financial position,
financing plans or investment plans; changes in general market,
economic, tax, regulatory or industry conditions 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, 2020,
filed with the U.S. Securities and Exchange Commission (SEC). The
timing and amount of any share repurchases will be at the
discretion of management and will depend on a variety of factors
including, but not limited to, FCX’s operating performance, cash
flow and financial position, the market price of the shares and
general economic and market conditions. The share repurchase
program may be modified, increased, suspended or terminated at any
time at the Board’s discretion. The declaration and payment of
dividends (base or variable) is also at the discretion of the Board
and will depend on FCX's financial results, cash requirements,
business prospects, global economic conditions and other factors
deemed relevant by the Board.
This press release also contains the financial measure net debt,
which is not recognized under U.S. generally accepted accounting
principles. Net debt, as defined by FCX, equals consolidated debt
less consolidated cash. FCX’s payout framework is designed to
maintain its net debt at a level not to exceed the range of $3.0
billion to $4.0 billion (excluding project debt for additional
smelting capacity in Indonesia).
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after the date the 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 not be
able to control. Further, FCX may make changes to its business
plans that could affect its results. FCX cautions investors that it
undertakes no obligation to update forward-looking statements,
which speak only as of the date made, notwithstanding any changes
in its assumptions, changes in business plans, actual experience or
other changes.
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version on businesswire.com: https://www.businesswire.com/news/home/20211221005782/en/
Financial Contacts: Kathleen L. Quirk (602) 366-8016 David P.
Joint (504) 582-4203 Media Contact: Linda S. Hayes (602)
366-7824
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