Freeport-Mcmoran Inc Stock Price, News & Analysis

Freeport-McMoRan Inc. (NYSE: FCX) released its first-quarter 2023 financial results, available on its Investor Relations website. The company, a major copper producer, operates significant mining assets globally, including the Grasberg district in Indonesia and major sites in North and South America. A conference call discussing these results is scheduled for today at 10:00 a.m. Eastern Time, with a replay available until May 19, 2023. FCX emphasizes its commitment to responsibly produced copper, contributing positively to global needs.

Freeport-McMoRan Inc. (NYSE: FCX) announced a cash dividend of $0.15 per share on its common stock, payable on May 1, 2023, to shareholders on record as of April 14, 2023. This dividend comprises a base and variable component, each of $0.075 per share, determined through its performance-based payout framework. The Board of Directors will consider FCX's financial results and broader economic conditions before future dividend payments. FCX is a major player in copper production and operates globally with significant reserves.

Freeport-McMoRan Inc. (NYSE: FCX) announced that it has achieved the Copper Mark for all 12 of its eligible copper-producing sites globally. Additionally, its primary molybdenum mines, Climax and Henderson, have received the Molybdenum Mark, making FCX the first primary molybdenum miner to achieve this certification. The Copper Mark ensures compliance with 32 environmental, social, and governance requirements through an independent assurance process. CEO Richard C. Adkerson emphasized FCX's commitment to responsible production and the vital role of copper in the global economy and decarbonization efforts.

Freeport-McMoRan (NYSE: FCX) reported disruptions at PT Freeport Indonesia's Grasberg operations due to heavy rainfall and landslides in Papua, Indonesia, on February 11, 2023. Damage assessments are underway, with preliminary estimates indicating operations may resume by the end of February 2023. Daily production averages nearly 5 million pounds of copper and 5,000 ounces of gold. However, FCX anticipates that first-quarter 2023 sales will be lower than guidance provided on January 25, 2023, of 900 million pounds of copper and 300,000 ounces of gold, although there is no long-term impact on PT-FI's plans.

Freeport-McMoRan announced the immediate appointment of Kathleen L. Quirk, currently President, to its Board of Directors. The Board now consists of twelve members, with ten being independent directors. Richard C. Adkerson, CEO, praised Quirk's leadership, noting her significant contributions to establishing FCX as a copper industry leader. Quirk has over thirty years of experience at FCX, previously serving as Chief Financial Officer from December 2003 to March 2022, and has been instrumental in the company's strategic planning. FCX is a major international mining company with significant copper, gold, and molybdenum reserves.