Freeport-McMoRan Inc. announced today that its Board of Directors 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 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 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 percent 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.
For full details, read the news release on fcx.com.