Freeport-McMoRan Copper & Gold (NYSE: FCX, Stock Forum) Monday reported that its Board of Directors intends to declare a supplemental dividend of $1.00 per share of common stock immediately following the closing of the pending acquisition of Plains Exploration & Production Company, this according to a company news release.
The supplemental dividend would be in addition to Freeport-McMoRan’s regular quarterly common stock dividend of 31.25 cents per share.
“The planned asset sales, combined with our significant cash flows and disciplined approach to investing in capital projects, will enable us to meet our target of reducing debt to $12 billion over a three year period,” said Freeport-McMoRan Copper & Gold President and CEO Richard Adkerson.