PHOENIX, AZ, March 24, 2015 - Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has declared a cash dividend of $0.05 per share payable on May 1, 2015 to holders of record as of April 15, 2015 for its common stock.

FCX's Board of Directors reduced the quarterly dividend from the previous rate of $0.3125 per share in response to the impact of lower commodity prices. FCX's Board reviews its financial policy on an ongoing basis and has a long-standing practice of distributing cash to shareholders. The Board anticipates increasing cash returns to shareholders as market and business conditions warrant.

James R. Moffett, Chairman of the Board; Richard C. Adkerson, Vice Chairman, and FCX President and Chief Executive Officer; and James C. Flores, Vice Chairman, and FM O&G President and Chief Executive Officer, said, "The reduction in the dividend is a prudent measure to strengthen our balance sheet during a period of volatile market conditions. As previously announced, our plans include significant reductions in capital spending and other costs and we are evaluating funding opportunities for capital expenditures in our oil and gas business. We will continue to take steps to enhance our financial position and to preserve our high quality resources for improved market conditions in the future. We are optimistic about our business, long-term commodity markets and the significant values embedded in our large-scale, long-lived assets. We are committed to achieving our plans to increase production volumes and to prudently manage capital spending which will enable us to reduce debt over time and increase future returns to shareholders."

FCX has a broad set of natural resource assets that provides many alternatives for future actions to enhance its financial flexibility. Additional capital cost reductions, potential additional divestitures or monetizations and other actions will be pursued as required to maintain a strong balance sheet while preserving a strong resource position and portfolio of assets with attractive long-term growth prospects.

The declaration and payment of dividends is at the discretion of the Board and will depend on the company's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.