Freeport-McMoRan announces further debt reduction
Thursday, September 29 2005 - 01:23 AM WIB
Freeport-McMoRan Copper & Gold Inc., parent company of Papuan copper and gold miner PT. Freeport Indonesia announced on Wednesday to have reduced debts by approximately US$302 million during the third quarter of 2005.
The company?s President and CEO Richard C. Adkerson said the transaction was in line with financial policy of using significant current cash flow from operations to improve balance sheet. He added that in 2005, the company had made unscheduled reductions of debt approximating $500 million and had distributed $313 million in common stock dividends.
? We anticipate generating strong operating cash flows for the foreseeable future through the production of our long-lived, low-cost copper and gold reserves, which would enable us to continue improving our financial position and providing further cash returns to our shareholders," he said in a statement. (alex)