Freeport ups dividend - buys back stock

[FoundingFathers]

UPDATE - Freeport-McMoRan ups dividend, sets stock buyback
Wednesday October 15, 9:15 am ET


(Adds details and share price)
NEW YORK, Oct 15 (Reuters) - Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX - News), which runs the world's biggest copper and gold mine, on Wednesday said it plans to more than double its annual common stock dividend and buy back 20 million shares of its stock.

The New Orleans company -- which is contending with a landslide last week at its Grasberg mine in West Papua, Indonesia that killed two workers -- said its board of directors has authorized an increase in its annual common stock dividend to 80 cents a share from 36 cents.

"Our recent board actions to increase our common dividend and authorize an expanded share repurchase program will allow us to return a portion of our free cash flow to shareholders while we continue to reduce our debt," the company said in a statement.

Shares of Freeport closed Tuesday trade on the New York Stock Exchange (News - Websites) at $37.14.


http://biz.yahoo.com/rf/031015/minerals_freeport_2.html