Freeport-McMoRan Declares Quarterly Cash Dividend on Common Stock
September 22 2021 - 7:30AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that its Board
of Directors (“Board”) declared a cash dividend of $0.075 per share
on FCX’s common stock payable on November 1, 2021, to stockholders
of record as of October 15, 2021.
As previously reported on February 2, 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,
increasing cash returns to shareholders and advancing opportunities
for future growth.
The policy includes a base dividend of $0.30 per share per annum
and a performance-based payout framework whereby up to 50 percent
of available cash flows generated after planned capital spending
and distributions to noncontrolling interests would be allocated to
shareholder returns and the balance to debt reduction and
investments in value enhancing growth projects. With the recent
achievement of FCX's net debt target in the range of $3-$4 billion
in second-quarter 2021, FCX expects the Board to consider the
amount of additional cash returns to shareholders following its
2021 annual results. Available cash flows for performance-based
payout distributions in excess of the base dividend will be
assessed by the Board 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,
timing and payment of dividends and shareholder returns, including
under the financial policy and FCX’s descriptions of objectives,
strategies, plans, goals or targets, including FCX’s net debt
target and future allocation of cash flows. The declaration and
payment of dividends is at the discretion of FCX's Board of
Directors (Board) and will depend on FCX's financial results, cash
requirements, business prospects, global economic conditions and
other factors deemed relevant by the Board. 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, the 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.
This press release also contains the financial measure net debt,
which is not recognized under U.S. generally accepted accounting
principles. Net debt equals consolidated debt less consolidated
cash.
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after 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 does not
intend to update forward-looking statements more frequently than
quarterly notwithstanding any changes in its assumptions, changes
in business plans, actual experience or other changes, and FCX
undertakes no obligation to update any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210922005545/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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