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Freeport-McMoRan To Reduce Costs, Capital Spending; Suspends Q1 Dividend

Mining company Freeport-McMoRan Inc. (FCX) announced Monday that in response to the coronavirus (COVID-19) pandemic and resulting global economic uncertainties, its Board of Directors will suspend the quarterly cash dividend of $0.05 per share previously planned for May 1, 2020.

The declaration and payment of future dividends is at the discretion of the Board and will depend on FCX's financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

FCX also announced it has undertaken an aggressive review of operating plans at each of its global copper and molybdenum operations to target reductions in all elements of costs and capital spending to achieve maximum cash flow under current market conditions.

Revised operating plans may result in temporary reductions in copper and molybdenum production at operations in the Americas that are challenged by low commodity prices.

FCX expects to complete this review promptly and will report its revised operating and financial plans with its first-quarter results in April 2020.

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