Freeport-McMoRan Announces 2-For-1 Stock Split, Special Div


Freeport McMoRan (NYSE:FCX) unveiled plans on Thursday to pay a special dividend and for a 2-for-1 stock split, driving the mining company’s stock 3% higher.Encouraged by its solid balance sheet and growing cash flows, Freeport said it plans to pay a one-time dividend of $1.00 a share. The special payout is expected to be paid on December 30 to shareholders of record as of December 20.“The authorization of this supplemental dividend reflects the strong current cash position and significant cash flows being generated by our global operations,” CEO James Moffett said in a statement. “Our financial strength combined with the positive market environment and outlook will enable us to continue to invest aggressively… and to grow our assets while providing strong returns to shareholders.”Phoenix-based Freeport previously announced plans in October to up its annual stock dividend by 75% to $2.00 a share.The 2-for-1 stock split will be in the form of a stock dividend payable on February 1 to shareholders of record on January 15. As a result of the move, Freeport said its shares outstanding will rise from 471 million to 942 million.Freeport shareholders cheered the moves, sending the company’s stock up 3% to $111.60 in Thursday’s premarkets. The stock had already been up 35% on the year as of Wednesday’s close.

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