Phelps Dodge Plans $2 Payout

The copper miner also boosts its quarterly dividend.
Author:
Publish date:

Phelps Dodge

(PD) - Get Report

said it would pay out a $2 special dividend.

The Phoenix-based copper and molybdenum producer said its board of directors boosted the shareholder capital return program to $2 billion from $1.5 billion. The company has returned about $900 million to shareholders through special dividends since the program's announcement in October 2005.

The $2 a share payout amounts to about $400 million and is payable on June 2 to common shareholders of record on May 16. About $700 million under the program remains to be paid to shareholders by this year end, either through special dividends, share repurchases or a combination of the two.

The company also increased the quarterly common stock dividend to 20 cents a share from 18.75 cents a share. This equates to an annual dividend of 80 cents a share a year, which is also payable June 2.

This story was created through a joint venture between TheStreet.com and IRIS.