Freeport-McMoRan Declares Quarterly Base and Variable Cash Dividends on Common Stock
PHOENIX, AZ (STL.News) 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 the 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.