Freeport-McMoRan Cuts Dividend 84% After Commodities Drop
Mills operate at the at the concentrator plant of Cerro Verde copper mine, majority-owned by Freeport-McMoRan Inc., near Arequipa, Peru. Freeport is the world’s largest publicly traded copper producer and the metal accounts for the majority of its revenue.
Jose Luis Stephens/Freeport-McMoRan via BloombergFreeport-McMoRan Inc., the world’s largest publicly traded copper producer, cut its dividend by 84 percent as it tries to fund mining and energy projects in the face of lower commodity prices.
The quarterly payout was reduced to 5 cents a share from 31.25 cents, the Phoenix-based company said Tuesday in a statement. Freeport said it’s evaluating funding opportunities for its oil and natural gas projects and will consider measures including additional spending cuts and asset sales “as required.”