Hard to think someone would buy that much on a dividend alone. Earnings Report on Monday and I think "they" must be expecting a decent to good ER/CC. As I say a lot to gamble on for just a dividend.
I am Not a long time FCX guy but am/was a long time MMR investor. And no we did not get what we had all hoped for but despite many here who are Not Happy with the MMR deal, I am long on FCX now because I am very convinced that MMR will pay for itself and much more. IMO.