Freeport-McMoRan declares basic and variable quarterly cash dividends on common stocks


PHÉNIX, December 22, 2021– (BUSINESS WIRE) – Freeport-McMoRan Inc. (NYSE: FCX) today announced that its board of directors (“Board”) has declared cash dividends of $ 0.15 per share on the shares FCX ordinary shares payable on February 1, 2022 to shareholders on January 14, 2022. This payment consists of a basic quarterly cash dividend of $ 0.075 per share and a variable cash dividend of $ 0.075 per share.

As previously reported in February 2021, the Board of Directors 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 future growth opportunities.

After meeting FCX’s net indebtedness target in the range of $ 3.0 to $ 4.0 billion (excluding debt for additional merger capacity in Indonesia), FCX announced in November 2021 the implementation of ” a performance-based shareholder return policy, including the launch of a $ 3.0 billion share buyback program and basic and variable dividends expected on common shares totaling $ 0.60 per share for 2022. The policy is implemented to direct up to 50% of cash flow after planned capital expenditures (excluding investments in Indonesian smelters) and distributions to non-controlling interests on returns of shareholders with the balance available for investment in future value-added growth projects and further debt reductions. The board will review the structure and amount of performance-based payments at least annually.

FREE PORT: Mainly in copper

FCX is a leading international mining company headquartered 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 largest publicly traded copper producers in the world.

FCX’s portfolio of assets includes the Grasberg mining district in Indonesia, one of the largest copper and gold deposits in the world; and major mining operations in North and South America, including the large-scale Morenci mining district in Arizona and the Cerro Verde operation in Peru.

By supplying responsibly produced copper, FCX is proud to make a positive contribution to the world far beyond its operational boundaries. Additional information about FCX is available on the FCX website at fcx.com.

Caution regarding forward-looking statements: This press release contains forward-looking statements, which are all statements other than statements of historical fact, such as statements regarding FCX’s expectations regarding the execution of any share repurchases under the repurchase program. actions and timing, amount and payment of dividends (base or variable) and descriptions of FCX’s objectives, strategies, plans, goals or targets, including those related to FCX’s financial policy, at the level of net indebtedness and the future allocation of cash flows. FCX cautions readers that forward-looking statements are not guarantees of future performance and that actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that may cause FCX’s actual results to differ materially from those anticipated in forward-looking statements include, without limitation, changes in FCX’s cash requirements, financial condition, financing plans or its 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 31 December 2020, filed with the US Securities and the Foreign Exchange Commission (SEC). The timing and amount of any share repurchases will be at the discretion of management and will depend on various factors, including, but not limited to, the operating performance, cash flow and financial condition, market price of shares, and general economic and market conditions. The share buyback program may be modified, increased, suspended or terminated at any time at the discretion of the Board. The declaration and payment of dividends (basic or variable) is also at the discretion of the Board and will depend on FCX’s financial performance, cash flow requirements, business prospects, global economic conditions and other factors deemed relevant by the Board. Advice.

This press release also contains the financial measure of net debt, which is not recognized under generally accepted accounting principles in the United States. Net debt, as defined by FCX, is equal to consolidated debt less consolidated cash. FCX’s payment framework is designed to maintain its net debt at a level that does not exceed the range of $ 3.0 billion to $ 4.0 billion (excluding project debt for merger capacity additional in Indonesia).

Investors are cautioned that many of the assumptions on which FCX’s forward-looking statements are based are subject to change after the date on which the forward-looking statements are made, including for example the prices of commodities, which FCX cannot control, and production volumes and costs, some aspects over which FCX may not be able to control. In addition, FCX may make changes to its business plans that could affect its results. FCX warns investors that it does not undertake to update any forward-looking statements, which are only valid on the date of their publication, notwithstanding any change in its assumptions, changes in business plans, actual experience or other changes.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211221005782/en/

Contacts

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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