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Freeport-McMoRan reinstates quarterly dividend

7th February 2018

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

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VANCOUVER (miningweekly.com) – The world's largest publicly listed copper producer Freeport-McMoRan has reinstated a cash dividend of $0.05 on its common stock, citing an improved balance sheet, stronger market conditions and a positive outlook for cash flow generation.

That would add up to a yearly dividend of $0.20 a share, which reflects a resumption of cash disbursements at the same level at which the company suspended dividends in December 2015 to provide cash savings of about $240-million a year and to further enhance the stressed company's liquidity during a period of weak market conditions.

"We expect to continue to strengthen our balance sheet, maintain a disciplined approach to investing in attractive growth projects as economic conditions warrant and provide cash returns to shareholders. We remain focused on building value for shareholders and a continuation of positive market conditions will enable the consideration of additional cash returns to shareholders, consistent with our long-standing tradition," president and CEO Richard Adkerson said in a news release.

Phoenix, Arizona-based Freeport has reported a better-than-expected headline profit for the three months ended December 31, as its focus on productivity, cost and capital discipline dovetailed with an improved market for copper.

Edited by Creamer Media Reporter

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