(Reuters) - Freeport-McMoRan Inc reinstated its cash dividend on Tuesday, three years after suspending it, reflecting a stronger financial position, improved market conditions and a positive outlook for cash generation.
Freeport, the world’s biggest publicly listed copper producer, declared a quarterly dividend of 5 cents a share.
If that rate is maintained it would equal the 20 cent annual dividend it suspended in December 2015 to save cash and repay debt at a time of weak copper prices.
“We expect to continue to strengthen our balance sheet, maintain a disciplined approach to investing in attractive growth projects as economic conditions warrant and provide cash returns to shareholders,” Chief Executive Richard Adkerson said in a statement.
The Phoenix, Arizona-based miner reported market-beating quarterly earnings on Jan. 25, lifted by stronger copper prices.
Reporting by Nicole Mordant in Vancouver; Editing by Phil Berlowitz