Freeport-McMoRan stock down on capex cut, dividend

Freeport-McMoRan stock down on capex cut, dividend - "Shares of Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) plummeted more than 18 percent on Wednesday after the mining giant suspended its dividend, slashed capital expenditure by more than half and lowered copper output because of the recent slump in metal prices.

The announcement came just four months after the company had raised its annual dividend while riding a wave of record prices for copper and other metals, and 21 months since taking over Phelps-Dodge -- a bigger mining rival it acquired in a bold $25.9 billion deal." More
- 12/03/08 | Item |

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