insane dividends

[wzebra33]

Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, will pay a $1-a-share special dividend for a total payout of about $471 million after the price of the industrial metal rose.

The supplemental dividend will be paid on Dec. 30 to shareholders of record as of Dec. 20, the Phoenix-based company said today in a statement. Freeport’s board also approved a two- for-one split of the company’s common stock that will take effect in February.

“Authorization of this supplemental dividend reflects the strong current cash position and significant cash flows being generated by our global operations,” Chief Executive Officer Richard Adkerson said in the statement.

Adkerson has sought to exploit rising copper prices by increasing output at mines that had seen production cuts last year and in 2008 as the global economic slowdown reduced demand. Copper futures closed at a record in New York yesterday on speculation that demand will outpace production as a global recovery sparks construction of new homes and appliances.

The company said in October it would increase its annual dividend to $2 a share from $1.20.

Freeport rose $3.61, or 3.3 percent, to $112.21 at 9:06 a.m. before the start of regular trading on the New York Stock Exchange. The shares rose 35 percent this year through yesterday.

To contact the reporter on this story: Christopher Donville in Vancouver at [e-mail].