Freeport-McMoRan Announces Suspension of First-Quarter Cash Dividend on Common Stock and Prudent Steps to Reduce Costs and Capital Spending Plans
FCX also announced it has undertaken an aggressive review of operating plans at each of its global copper and molybdenum operations to target reductions in all elements of costs and capital spending to achieve maximum cash flow under current market conditions. Revised operating plans may result in temporary reductions in copper and molybdenum production at operations in the
FCX is a leading international mining company with headquarters in
FCX’s portfolio of assets includes the Grasberg minerals district in
Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to production activities and operating plans, reductions in costs and capital spending and future dividend payments. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” "targets," “intends,” “likely,” “will,” “should,” “to be,” ”potential" and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of future dividends is at the discretion of the Board and will depend on FCX’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, the duration and scope of and uncertainties associated with the COVID-19 pandemic and the impact thereof on commodity prices, our business and the global economy, which are evolving and beyond our control, and factors described in more detail under the heading “Risk Factors” in FCX's Annual Report on Form 10-K for the year ended
Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward-looking statements.
David P. Joint, 504-582-4203
Kathleen L. Quirk, 602-366-8016
David P. Joint, 504-582-4203
Linda S. Hayes, 602-366-7824