Newmont Announces Plan to Increase Annualized Dividend by 79 Percent to $1.00 Per Share
January 06 2020 - 8:24AM
Business Wire
Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the
Company) announced a plan to significantly increase its quarterly
dividend by 79 percent to $0.25 per share, or an expected $1.00 per
share annually, which will become effective upon approval and
declaration of the first quarter dividend in April 2020. The
increased sustainable dividend supports an industry leading return
profile and aligns with the Company’s disciplined approach to
capital allocation, which includes maintaining an investment grade
balance sheet, investing in profitable growth and returning cash to
shareholders.
In addition to increasing the dividend, the Company plans to
continue to execute on its recently announced stock repurchase
program for up to $1 billion of common equity. For the quarter
ended December 31, 2019, the Company has utilized the repurchase
program to retire 12.4 million shares totaling $506 million.
Altogether, Newmont returned approximately $1.4 billion to
shareholders in 2019.
“We are pleased to announce a planned increase to our annualized
dividend by 79 percent to one dollar per share and will continue
demonstrating our disciplined approach to capital allocation and
the confidence we have in our business to deliver substantial
future cash flows and returns for shareholders,” said Tom Palmer,
President and Chief Executive Officer. “Our first quarter dividend
will offer investors a highly competitive dividend yield and
enhanced returns from owning shares of the world’s leading gold
company.”
Newmont has the strongest and most sustainable portfolio of
operations, projects and exploration prospects in the gold sector.
These assets allow the Company to sequence profitable projects in
its unmatched pipeline to sustain stable gold production over a
decades-long time horizon in top-tier jurisdictions around the
globe. Newmont enters its centenary year in May of 2020 and will
begin its next century of superior performance, value creation and
sustainability leadership on May 2, 2021.
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 requirements, future
prospects and other factors deemed relevant by the Board.
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 proficiency. Newmont was founded in 1921
and has been publicly traded since 1925.
Cautionary Statement:
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbor created by such
sections and other applicable laws. Forward-looking statements
often contain words such as “expect,” “intend,” “plan,” and “will.”
Such forward-looking statements may include, without limitation,
statements or expectations regarding future dividend payments,
future balance sheet strength, future production, future cash
flows, future share repurchases and future shareholder value and
returns. Investors are cautioned that declaration and payment of
future dividends remain at the discretion of the Board of Directors
and will be determined based on Newmont’s financial results,
balance sheet strength, cash and liquidity requirements, future
prospects, gold price fluctuations and other factors deemed
relevant by the Board. The planned dividend increase reflects
management’s expectations. However, 2020 dividends have not yet
been approved or declared by the Board of Directors. The Board of
Directors reserves all powers related to the declaration and
payment of dividends. Consequently, in determining the dividend to
be declared and paid on the common stock of the Company, the Board
of Directors may revise or terminate such dividend plans at any
time without prior notice. With respect to the stock repurchase
program, investors are reminded that the extent to which the
Company repurchases its shares, and the timing of such repurchases,
will depend upon a variety of factors, including trading volume,
market conditions, legal requirements, business conditions and
other factors. As such, no guarantees can be made with respect to
the impact of the program. The repurchase program may be
discontinued at any time, and the program does not obligate the
Company to acquire any specific number of shares of its common
stock. As such, no guarantees can be made with respect to the
impact of the authorized program. Investors should not place undue
reliance on forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200106005552/en/
Media Contact Omar Jabara
303.837.5114 omar.jabara@newmont.com
Investor Contact Jessica Largent
303.837.5484 jessica.largent@newmont.com
Newmont (NYSE:NEM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Newmont (NYSE:NEM)
Historical Stock Chart
From Sep 2023 to Sep 2024