Barrick makes good on promise of larger dividend as Randgold merger passes final milestone
Canadian gold major Barrick Gold is rewarding its shareholders with a larger full-year dividend, in line with a previous commitment to boost its payouts as a sweetener for its $6.1-billion merger with Africa-focused Randgold Resources.
The company has declared a fourth quarter dividend of $0.07 a share, making good on a promise to increase its full-year dividend by 25% to $0.16 a share.
Ahead of the November shareholder votes on the merger, Barrick and Randgold announced that they would boost their dividend payouts.
Randgold has recommended an interim dividend payment of $2.69 a share, instead of a previously announced $2 a share.
The Randgold dividend will be paid on January 11, and will be its last as the company is to be absorbed by Barrick.
On Monday, the Royal Court of Jersey sanctioned the scheme of arrangement, which will give effect to the merger of the gold producers. Trading in Randgold on the LSE and Nasdaq will cease on December 31, and the combined group’s shares will start trading on the NYSE and TSX on January 2, under the Barrick name.
Randgold’s Nasdaq trading ticker ‘GOLD’ will be transferred to Barrick on the NYSE. Barrick will continue to trade on the TSX under its existing ‘ABX’ ticker.
The court’s approval was the last major milestone that the merger had to pass.
Barrick’s dividend will be paid on January 14.
Incoming CFO Graham Shuttleworth said last month that Barrick intended to grow future dividends, noting that it was an important objective of the new group.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation