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Freeport-McMoRan cutting costs, slashing spending amid coronavirus

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Posted at 9:48 AM, Mar 24, 2020
and last updated 2020-03-24 12:48:24-04

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.

Read more from the Phoenix Business Journal.