Freeport-McMoRan (NYSE:FCX) Splitting Stock, Paying Special Dividend

Diversified miner Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) pushed up today on news they're splitting the stock and offering a special dividend of $1 a share.

The company will pay out $471 million in special dividends, and have a 2-for-1 stock split.

With a number of different economic factors making it difficult to project revenue and earnings in the short term, a number of companies have been opting for special dividends as a way to give back money to shareholders in a managed way.

In October they raised their annual dividend to 67 percent after strong earnings in the third quarter, led by higher prices for copper and molybdenum.

Shareholders or record as of December 20 will be paid the special dividend of $1 a share on December 20. That will be in addition to the existing $2 a share the company pays out in an annual dividend.

The stock split is scheduled for February 1, and will be applied to shareholders of record as of January 15. Outstanding share will rise from 471 million to 924 million after the event.

Freeport was trading at $110.36, up $1.76, or 1.62 percent, as of 12:56 PM EST.