Phoenix-based mining giant Freeport-McMorRan Inc. on Monday announced measures to cut costs in response to global economic uncertainties brought on by the COVID-19 pandemic and a resulting plunge in copper prices.
For starters, the company’s board of directors will suspend its May 1 quarterly cash dividend payments of 5 cents per share, according to a filing with the U.S. Securities and Exchange Commission.
Future dividend payments will depend on financial results, cash requirements, global economic conditions and other factors, the filing said.
In addition, Freeport-McMoRan launched reviews at its global mining operations for opportunities to cut costs and capital spending.
