Freeport-McMoRan

Policy balances reinvestment with returns via a base plus variable dividend, opportunistic repurchases, and disciplined organic growth. 2025 capex was ~$4.5 billion with 2026 planned at ~$4.3 billion, predominantly for underground development at Grasberg, U.S. projects and power infrastructure.

The base+variable dividend totaled $0.60 per share in 2025 and is anticipated at a similar run rate for 2026, subject to the net‑debt target.

Share repurchase authorization had nearly $3.0 billion remaining at year‑end 2025. Management prioritizes high‑return, organic expansions (Bagdad optionality, El Abra mill concept, leach program scale‑up) over large M&A.