𝐂𝐨𝐩𝐩𝐞𝐫𝐬 𝐰𝐞𝐚𝐤𝐧𝐞𝐬𝐬 - 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 $FCX (Freeport-McMoRan Inc)
The shares of the American mining group came under heavy pressure after commodity quotations recently lost ground due to investors' concerns about the development of the Chinese economy. The $FCX slide in $COPPER prices was also triggered by the payment difficulties of the Chinese real estate group $03333.HK (China Evergrande Group) . The price of a tonne of the metal also fell because of the disappointment of many speculative buyers who had bought at the dip below the 9,000 dollar mark in mid-August. Falling sales prices are bad for Freeport-McMoRan's share price performance in an environment where labour costs tend to rise.
Previously, they announced a quarterly dividend of $0.075. The payment will be made on 1 November 2021 (Record day: 15 October 2021). The group resumed paying a dividend in May 2021 after suspending it in April 2020. Previously, US$0.05 was paid in the quarter. On an annual basis, 0.30 US dollars will be paid out. At the current share price, the current dividend yield is therefore 0.95 per cent. Freeport-McMoRan, based in Phoenix, Arizona, is the world's second largest copper producer after Chile's state-owned Codelco. In the second quarter (30 June) of fiscal 2021, revenue was $5.75 billion, up from $3.05 billion a year earlier, as reported on 22 July. The bottom line was earnings of 1.08 billion US dollars after a profit of 53 million US dollars the year before.
𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: 𝐓𝐡𝐞𝐫𝐞 𝐢𝐬 𝐧𝐨 𝐧𝐞𝐞𝐝 𝐟𝐨𝐫 𝐚𝐜𝐭𝐢𝐨𝐧 𝐚𝐭 𝐭𝐡𝐞 𝐦𝐨𝐦𝐞𝐧𝐭.
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