Freeport McMoRan Bets On Growth, Plans $7.5B Expansion In Chile
Portfolio Pulse from Stjepan Kalinic
Freeport McMoRan (NYSE:FCX) has announced a $7.5 billion expansion of its El Abra copper mine in Chile, aiming to boost production to 340,000 metric tons of copper annually by 2025. The expansion includes a new concentrator plant and desalination infrastructure. Additionally, Freeport declared a $0.15 per share dividend and initiated stock buybacks.
July 24, 2024 | 2:23 pm
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Freeport McMoRan announced a $7.5 billion expansion of its El Abra copper mine in Chile, aiming to significantly increase copper production by 2025. The company also declared a $0.15 per share dividend and initiated stock buybacks.
The $7.5 billion expansion project is a significant investment that is likely to boost Freeport McMoRan's production capacity and revenue in the long term. The declaration of dividends and stock buybacks further indicates the company's strong financial health and commitment to returning value to shareholders. These factors are likely to positively impact the stock price in the short term.
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