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Freeport McMoRan (NYSE:FCX) has cut its dividend by a whopping 84 percent citing low metals prices, according to Forbes. The dividend has dropped from 31 cents per share to 5 cents.
Freeport McMoRan (NYSE:FCX) has cut its dividend by a whopping 84 percent citing low metals prices, according to Forbes. The dividend has dropped from 31 cents per share to 5 cents.
As quoted in the publication:
The Phoenix-based copper mining company, which reported a loss in its most recent quarter, has also significantly scaled back its 2015 capital spending budget. Most of the cuts relate to its recently expanded oil and gas business.
While copper prices have recovered from recent lows, trading at $2.79 per pound up from $2.49 per pound in January, energy prices have largely held onto their declines. A barrel of U.S. crude is still less than half the price it was a year ago and trades for under $50.
The company said that as market and business conditions improve, it anticipates increasing cash returns to shareholders.