Newmont Mining (NEM) Declares $0.05 Quarterly Dividend; Approves Gold Price Linked Dividend
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Newmont Mining (NYSE: NEM) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. The dividend will be payable on December 29, 2016, to stockholders of record on December 8, 2016, with an ex-dividend date of December 6, 2016. The annual yield on the dividend is 0.6 percent.
Newmont’s Board also approved an enhanced gold price-linked dividend adjusting the annual payout levels, starting in the first quarter 2017, to provide additional upside to shareholders as gold prices increase.
“Our dividend doubled during the quarter and we’re pleased to offer our shareholders even higher exposure to rising gold prices through our enhanced dividend policy.” said Gary Goldberg, President and Chief Executive Officer. “We’re also confident in our ability to generate free cash flow at reduced prices, and have raised our payout at lower levels as well. This new policy has the potential to increase dividend payout levels by more than 100 percent beginning in the first quarter of 2017, in keeping with our strategy to create shareholder value.”
Newmont's updated gold price-linked dividend policy includes a quarterly payable dividend based on the average LBMA P.M. Gold Price for the preceding quarter. The policy includes a minimum $0.10 per share ($0.025 per quarter) payout at gold prices below $1,150 per ounce. The dividend increases to $0.15 per share ($0.0375 per quarter) at gold prices of $1,150 per ounce. At $1,200, the dividend increases to $0.20 per share ($0.05 per quarter). For each $50 increase above $1200 per ounce the dividend increases by a further $0.10 per share ($0.025 per quarter). At $1,400, $1,500 and $1,600 per ounce, the dividend increases to $0.60, $0.85 and $1.10 per share ($0.15, $0.2125 and $0.275 per quarter), respectively.
The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
For a dividend history and other dividend-related data on Newmont Mining (NEM) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Network-1 Technologies (NTIP) Approves Initial 5c Semi-Annual Dividend
- Dynex Capital (DX) Declares $0.21 Quarterly Dividend; 11.9% Yield
- Vermilion Energy (VET) Declares C$0.215 Quarterly Dividend
Create E-mail Alert Related CategoriesDividend Hike, Dividends, Management Comments
Related EntitiesDividend, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!