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Freeport Question
shorecoll
Posts: 5,445 ✭✭✭✭✭
I saw a crawl on CNBC that Freeport is halting some mining operations, I don't see anything specific to that on the website. Anyone have any more info?
ANA-LM, NBS, EAC
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shorecoll
Posts: 5,445 ✭✭✭✭✭
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Shares of Freeport-McMoRan Inc. (FCX) slid 2.2% in premarket trading Monday, after the copper and gold mining company said it will suspend its quarterly dividend of 5 cents a share, which was planned to be paid out in May. The annual dividend rate had implied a dividend yield of 3.62% based on Friday's stock closing price, compared with the yield for the SPDR Materials Select Sector ETF (XLB) of 3.00% and the implied yield for the S&P 500 of 2.64%. The company said it is targeting "aggressive" cuts in costs and capital spending, which could lead to temporary reductions in copper and molybdenum production in the Americas that are challenged by low commodity prices. High grade copper futures has tumbled 20.0% over the past month, while Freeport-McMoRan's stock has plunged 53.8%.