Freeport-McMoRan Inc.  announced today that its Board of Directors has reinstated a cash dividend on its common stock. The Board intends to declare a quarterly dividend of $0.05 per share, with the initial quarterly dividend expected to be paid on May 1.

Richard C. Adkerson, Freeport’s President and Chief Executive Officer, said: “Our Board’s action to reinstate common stock dividends reflects strong execution of our plan to strengthen Freeport McMoRan’s financial position over the last two years, improved market conditions and a positive outlook for strong cash flow generation. 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. We remain focused on building values for shareholders and a continuation of positive market conditions will enable the consideration of additional cash returns to shareholders, consistent with our long-standing tradition.”

The declaration and payment of dividends is at the discretion of the Board and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.

Freeport McMoRan, Inc has 1.45 billion common shares outstanding.