8-KOther EventsExhibits & Filings

FREEPORT-MCMORAN INC 8-K Report, Corporate Update (Nov 1, 2005)

Filed November 1, 2005For Securities:FCX

Summary

Freeport-McMoRan Copper & Gold Inc. (FCX) announced significant capital allocation decisions through a press release dated November 1, 2005, filed as an 8-K. The company's Board of Directors authorized an increase in the regular annual common stock dividend to $1.25 per share, a 25% increase from the previous $1.00 per share. This higher dividend will be paid quarterly at $0.3125 per share, starting with the February 1, 2006 payment. In addition to the increased regular dividend, FCX also declared a substantial supplemental common stock dividend of $0.50 per share. This one-time payment is scheduled to be paid on December 30, 2005, to shareholders of record as of December 15, 2005. These actions signal confidence from management in the company's financial position and cash flow generation, aiming to return more capital directly to shareholders.

Key Highlights

  • 1FCX's Board of Directors approved an increased annual common stock dividend to $1.25 per share, up from $1.00 per share.
  • 2The new quarterly dividend rate will be $0.3125 per share.
  • 3The increased quarterly dividend is effective starting with the February 1, 2006 payment.
  • 4A supplemental common stock dividend of $0.50 per share was declared.
  • 5The supplemental dividend will be paid on December 30, 2005.
  • 6Shareholders of record as of December 15, 2005, will receive the supplemental dividend.
  • 7The company's corporate headquarters have temporarily relocated to Baton Rouge, Louisiana, due to Hurricane Katrina.

Frequently Asked Questions

The regular annual common stock dividend has been increased to $1.25 per share. This will be paid quarterly at a rate of $0.3125 per share, with the first payment at this new rate expected on February 1, 2006.

Yes, FCX declared a supplemental common stock dividend of $0.50 per share. This is a one-time payment scheduled for December 30, 2005, for shareholders of record as of December 15, 2005.

Shareholders of record on December 15, 2005, will receive both the regular quarterly dividend (likely $0.25 per share based on the prior rate) and the supplemental dividend of $0.50 per share, totaling $0.75 per share for that payment period. The announcement of the increased rate doesn't impact the amount of the December payment itself.

Due to the impact of Hurricane Katrina, Freeport-McMoRan Copper & Gold Inc. has temporarily moved its corporate headquarters to Baton Rouge, Louisiana. Their previous New Orleans office remains the principal executive office, but operations are temporarily managed from Baton Rouge.