Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividend on Common Stock
Wednesday 12/29/2010 11:47 AM ET - Businesswire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) today declared a cash dividend on its common stock of $0.50 per share payable on February 1, 2011 on pre-split shares to holders of record as of January 15, 2011.
As previously announced in October 2010, FCX's Board of Directors authorized an increase in the annual cash dividend on its common stock from $1.20 per share to $2.00 per share, payable quarterly at a rate of $0.50 per share. The declaration and payment of dividends is at the discretion of FCX's Board of Directors and will depend on FCX's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
On December 9, 2010, FCX's Board of Directors declared a two-for-one split of its common stock, to be effected in the form of a stock dividend payable on February 1, 2011 to shareholders of record on January 15, 2011. The $0.50 per share cash dividend declared today will be paid on the common shares outstanding before the two-for-one stock split. FCX will begin trading on the NYSE on a split adjusted basis on February 2, 2011. After taking the stock split into account, the regular cash dividend is expected to be $1.00 per share per annum, payable quarterly at a rate of $0.25 per share, after the February 1, 2011 regular dividend and stock dividend