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Home > Mining Companies > Newmont Corp. > News > Newmont Increases Quarterly...
Newmont Corp.

Newmont Increases Quarterly Dividend by 60 Percent to $0.40 Per Share

Oct 28, 2020
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced that its Board of Directors declared a quarterly dividend of $0.40 per share of common stock, payable on December 28, 2020 to holders of record at the close of business on December 11, 2020. The third quarter dividend represents an increase of 60 percent compared to the prior quarterly dividend of $0.25 per share.
 
Newmont’s dividend is the highest in the gold sector and demonstrates the Company’s commitment to providing shareholders with industry-leading returns. Newmont’s capital allocation philosophy remains unchanged and balances steady reinvestment in the business, maintaining financial strength and flexibility, and providing leading returns to shareholders.
 
For the third quarter, the Board of Directors approved a 60 percent increase in our quarterly dividend – which equates to a $0.60 per share annualized increase. This 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. 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 per ounce gold price assumption and a 40 percent payout rate 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 announce an increase to our annualized dividend of 60 percent to $1.60 per share driven by our strong performance and confidence in our world-class portfolio to generate value,” said Tom Palmer, President and Chief Executive Officer. “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.”
 
Newmont has the strongest and most sustainable portfolio of operations, projects and exploration prospects in the gold sector. Newmont’s world-class portfolio has returned more than $2.2 billion to shareholders through dividends and share buybacks since January 2019.
 
The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board.1
 
About Newmont
 
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
 
Media Contact
Courtney Boone 303.837.5159
courtney.boone@newmont.com
 
Investor Contact
Eric Colby 303.837.5724
eric.colby@newmont.com
 

Source: https://www.newmont.com/investors/news-release/news-details/2020/Newmont-Increases-Quarterly-Dividend-by-60-Percent-to-0.40-Per-Share/default.aspx

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