Freeport-McMoRan 2011 Annual Report Download - page 6

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e talent and dedication of our employees are critical to our
success and we value and appreciate our global team’s many
contributions over the years. We also thank members of our
Board of Directors and our Advisory Directors for their advice,
guidance and support.
We look forward to reporting our progress to you throughout
the year.
Respectfully yours,
March 16, 2012
Our nancial position is very strong. We ended the year with
signicantly more cash than debt. In February 2012, we completed
a highly attractive debt renancing that will reduce our interest
costs signicantly. Our strong nancial position has enabled
our Board of Directors to provide increased cash returns to our
shareholders. During 2011, we paid $1.50 per share in dividends,
including an annual common stock dividend of $1.00 per share
and a $0.50 per share supplemental common stock dividend. In
early 2012, our Board of Directors increased our annual common
stock dividend to $1.25 per share. Our strong nancial position
enables us to maintain an attractive credit prole, support our
operations, provide exibility for nancially attractive investments
and provide attractive returns to our shareholders.
During 2012, the safety of our workforce will remain our number
one priority. We are positive about our plans to advance our
projects for future growth, expand our resource base through our
exploration programs and achieve continued success with our
aggressive cost management eorts. Many years of planning, hard
work and execution are required in advancing our development
projects to become productive operations. e success we
are accomplishing with our projects will further enhance our
large-scale operating base and enable us to continue our strong
leadership position in “Connecting the Future.”
LETTER TO OUR SHAREHOLDERS
WE ARE WELL POSITIONED
WITH EXISTING
PRODUCTION CAPACITY,
LONG-LIVED RESERVES
AND EXPANSION
OPPORTUNITIES AT OUR
EXISTING MINES, AND
GROWTH OPPORTUNITIES
TO BUILD VALUE FOR
OUR SHAREHOLDERS.
Photo: Trolley wire, Bayway
Operations, New Jersey
James R. Moffett
Chairman of the Board
Richard C. Adkerson
President and
Chief Executive Officer
4 | FREEPORT-MMR COPPER & GOLD INC.