April 9, 2019 / 5:42 PM / 7 months ago

CRU-CESCO-Freeport plans no dividend hikes, M&A for 2 years to focus on Grasberg -CEO

SANTIAGO, April 9 (Reuters) - Freeport-McMoRan Inc plans no dividend raises, acquisitions or debt buybacks over the next two years as it focuses on expanding Indonesia’s Grasberg copper and gold mine underground, its chief executive said in an interview on Tuesday.

“For two years, we’re going to be focused on this transition,” CEO Richard Adkerson said on the sidelines of the World Copper Conference in Santiago. “If things go well with that ... two years from now we’re going to be well situated to then look at further debt reductions, potentially higher dividends, potential investments in new projects, and we’ll be open to seeing if there’s anything in the global M&A market that meets our objectives.” (Reporting by Ernest Scheyder; Editing by Richard Chang)

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