Saturday, February 27, 2010

Freeport to invest internally, not buy assets

Freeport McMoRan CEO Richard Adkerson says the company will grow internally rather than pay a premium for outside assets. reports that the company will use its "strong cash position to increase exploratory drilling, pay down debt, raise shareholder dividends and restart deferred development projects in 2010."

They quote him, "It would be difficult to find acquisitions that compete economically with our internal investment opportunities."

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