Freeport-Mcmoran Inc Stock Price, News & Analysis

Freeport-McMoRan (NYSE: FCX) appointed David P. Abney and Robert W. Dudley to its Board of Directors. Abney, former CEO of UPS, brings 46 years of experience in logistics and sustainability. Dudley, former Group Chief Executive of BP, offers over 40 years in the oil and gas sector, focusing on climate initiatives. Chairman Richard Adkerson highlighted their leadership credentials and their alignment with the company's strategy in the copper industry. FCX's board now has eight members, including seven independent directors, with plans for further additions.

Freeport-McMoRan Inc. (NYSE: FCX) announced a cash dividend of $0.075 per share on its common stock, payable on May 3, 2021, to stockholders of record as of April 15, 2021. The Board's financial policy includes a base dividend of $0.30 per share annually, with a performance-based payout framework contingent on reaching a net debt target of $3-$4 billion. FCX is a leading international mining company with significant operations in Indonesia and the Americas, focusing on responsible copper production.

Freeport-McMoRan (NYSE: FCX) has reinstated a cash dividend at an annual rate of $0.30 per share, up from $0.20 prior to its suspension in April 2020. The quarterly dividend is set at $0.075 per share, with the first payment expected on May 1, 2021. A new financial policy allocates up to 50% of cash flows post-capital spending towards shareholder returns, enhancing long-term value. The company aims to achieve a net debt target of $3-$4 billion by early 2022, excluding project debt. FCX focuses on safety and production efficiency amid the pandemic.

Freeport-McMoRan announced reinstatement of a cash dividend at an annual rate of $0.30 per share, up from $0.20 before the pandemic-induced suspension in April 2020. The Board plans to declare a quarterly dividend of $0.075, with the first payment expected on May 1, 2020. The new financial policy allocates up to 50% of available cash flows for shareholder returns post capital spending. The company anticipates achieving a net debt target of $3-$4 billion by early 2022.

Freeport-McMoRan has announced the retirement of Gerald J. Ford as non-executive Chairman, effective June 2021. Richard C. Adkerson has been appointed as the new Chairman while continuing his role as CEO. The Board has also appointed Kathleen L. Quirk as President, alongside her role as CFO. Dustan E. McCoy has been named Lead Independent Director. The restructuring reflects the company's focus on leadership continuity and operational effectiveness. FCX remains a major player in the copper market, with diverse, high-quality mining assets across the globe.

Freeport-McMoRan (NYSE: FCX) announced the release of its fourth-quarter and full-year 2020 financial results, now available on its Investor Relations page. The company will also host a conference call with analysts today at 10:00 a.m. ET to discuss these results. As a leading international mining firm, FCX operates significant assets globally, including the Grasberg minerals district in Indonesia and major operations in North and South America. The company plays a vital role in responsibly producing copper and contributes positively to global sustainability efforts.

Freeport-McMoRan (NYSE: FCX) mourns the loss of James Robert “Jim Bob” Moffett at 82, former Chairman (1984-2015) and CEO (1984-2003). Moffett co-founded McMoRan Exploration Co. in 1969 and oversaw its merger with Freeport Minerals in 1981, forming Freeport-McMoRan. Known for his leadership in natural resources, he received numerous accolades, including the Horatio Alger Award. Under his guidance, the company developed significant mineral deposits, enhancing its position as a leading copper producer. FCX remains committed to sustainable mining practices and community contributions.

Freeport-McMoRan (NYSE: FCX) has finalized the sale of its interests in the Kisanfu project to a subsidiary of China Molybdenum Co., Ltd. for $550 million, yielding after-tax net cash proceeds of approximately $415 million. The Kisanfu project, located in the Democratic Republic of Congo, was identified as non-strategic for Freeport following its previous sale of the adjacent Tenke Fungurume mine. This transaction is expected to generate an after-tax gain of around $350 million in Q4 2020, bolstering Freeport's financial positioning.