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SMALL BUSINESS
Freeport-McMoRan reinstates annual dividend
AP
PHOENIX -Mining company Freeport-McMoRan Copper & Gold Inc. said Wednesday it will reinstate an annual dividend of 60 cents per share, citing improved prices for its commodities and its strong operating performance.
The Phoenix company said it will declare a quarterly dividend of 15 cents per share. The initial dividend is expected to be paid Feb. 1.
Separately, the company said its quarterly earnings rose for the first time this year after it curtailed production and idled some operations earlier this year amid weak demand, which drove prices down. Its results also benefited as China bought up cheap copper and global investors who are nervous about the stock market bought gold as a safe-haven investment.
Freeport-McMoRan, like many miners, are increasingly relying on China for sales, as the country spends billions to build roads and buildings amid rapid growth.
Shares of Freeport-McMoRan gained 78 cents to $79.41 in morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-21 10:09:59
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