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Newmont increases quarterly dividend by 60% to $0.40 a share

29th October 2020

By: Creamer Media Reporter

     

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NYSE- and TSX-listed Newmont Corporation has declared a quarterly dividend of $0.40 a share for the third quarter.

The dividend, payable on December 28, represents a 60% increase compared with the prior quarterly dividend of $0.25 a share.

For the third quarter, the Newmont board approved a 60% increase in our quarterly dividend – which equates to a $0.60 a share annualised increase.

The dividend increase is supported by a framework to return 40% to 60% of incremental attributable free cash flow to shareholders that is generated above a $1 200/oz gold price. Newmont's dividend framework shares incremental free cash flow with shareholders at higher gold prices.

"In this instance, the dividend increase was based on a $1 500/oz gold price assumption and a 40% payout rate applied to our previously articulated $1.2-billion incremental free cash flow for every $300/oz change in the gold price. Newmont’s base annualised dividend remains at $1 a share and is sustainable at a $1 200/oz gold price.

“We are pleased to announce an increase to our annualised dividend of 60% to $1.60 a share, driven by our strong performance and confidence in our world-class portfolio to generate value.

“This is the second increase to our dividend in 2020 and reflects the strength of Newmont’s portfolio to pay a higher dividend while we continue to advance profitable projects and maintain financial strength and flexibility. 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,” says Newmont president and CEO Tom Palmer.

 

 

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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