2021-02-17 07:22:47 NEM Newmont
02/17/21 02/1707:22 02/17/2107:22 | Newmont increases quarterly dividend by 38% to 55c per shareNewmont announced that its Board of Directors declared a quarterly dividend of 55c per share of common stock, payable on March 18 to holders of record at the close of business on March 4. The fourth quarter dividend represents an increase of 38 percent compared to the prior quarterly dividend of $0.40 per share. Newmont's dividend increase is supported by a framework to return 40 to 60 percent of incremental attributable free cash flow to shareholders that is generated above a $1,200 per ounce gold price. For the fourth quarter, the dividend increase was based on a $1,800 per ounce gold price assumption and a 40 percent payout ratio applied to our previously articulated $1.2 billion incremental free cash flow for every $300 per ounce change in the gold price. Newmont's base annualized dividend remains at $1.00 per share and is sustainable at a $1,200 per ounce gold price. "We are pleased to continue delivering industry-leading returns through the highest dividend in the gold sector at an annualized payout of $2.20 per share and a dividend yield of over 3.5%," said Tom Palmer, President and Chief Executive Officer. "Our dividend framework provides shareholders with a sustainable base dividend and the ability to directly benefit from Newmont's significant free cash flow generation at higher gold prices. The framework is underpinned by confidence in our world-class portfolio and our disciplined operating model, and allows Newmont to return cash to shareholders whilst we continue to advance profitable projects and maintain financial strength and flexibility." |
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