This represents a 33% increase over the prior quarterly dividend.
In addition, Newmont increased its regular quarterly dividend to C$0,0609 per share on its exchangeable shares, payable on March 19, 2003 to holders of record at the close of business March 5.
Wayne Murdy, chairman and CEO, commented: “With the integration of our recent three-way merger complete and the positive outlook for the gold price, the board felt it appropriate to reward shareholders for their patience by increasing the dividend immediately. We will continue to evaluate our dividend policy going forward”.
The company said it was pleased that the shareholders of Kinross Gold Corporation have approved the combination of Kinross, Echo Bay Mines and TVX Gold.
Newmont has pledged to vote its shares in Echo Bay in favour of the transaction when the Echo Bay shareholders vote later this week. In the event the combination closes later this week as planned, Newmont will receive $180-million in cash from the sale of its non-core TVX-Newmont Americas assets and will hold an approximate 14% interest in the new Kinross, with a current market value of approximately $300-million.