PERTH (miningweekly.com) – The share price of iron-ore miner Fortescue Metals jumped more than 7% on Tuesday after the company announced a fully franked dividend of 60c a share.
The new dividend brought the total amount of dividends for the 2019 financial year to date to 90c a share, inclusive of the 19c a share interim and 11c a share special dividend declared in February.
CEO Elizabeth Gaines told shareholders that the dividend reflected Fortescue’s unwavering determination to deliver shareholder return.
“The ability to deliver this increased return to our shareholders reflects the success of our integrated operations and marketing strategy, enhanced product mix as well as the strength of demand for iron-ore.
“Our investment in growth through the Eliwana and Iron Bridge projects represents a total investment of $3.87-billion and positions Fortescue to deliver on our strategy of a majority of our products being greater than 60% iron grade.”
The dividends will be paid on June 14.
Fortescue’s shares traded at a high of A$8.12 on Tuesday, up from a low of A$7.44 a share.