(September 22, 2021) Freeport-McMoRan Inc. announced today that its Board of Directors 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.
For full details, read the news release on fcx.com.