Freeport-McMoRan (FCX) will lower its quarterly dividend by 84.0 percent from $0.3125 to $0.05 per share. The company last hiked its dividend in 20120

Freeport-McMoRan Inc. is an international mining company with headquarters in Phoenix, Arizona. The company operates geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world's largest publicly traded copper producers. The company's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. Freeport-McMoRan Inc., formerly known as Freeport-McMoRan Copper & Gold Inc., was established in 1988 following the discovery of the Grasberg copper and gold deposit in Papua, Indonesia, when FCX’s former parent company, then known by the New York Stock Exchange trading symbol of “FTX”, sold 20 percent of the company in an initial public offering, or IPO.