Newmont Announces $1.0 Billion Share Repurchase Program
January 14 2021 - 7:30AM
Business Wire
Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the
Company) today announced its Board of Directors has approved a
share repurchase program for up to $1.0 billion of common equity,
to be completed over the next 18 months. The program will be
executed at the Company’s discretion, utilizing open market
repurchases to occur from time to time throughout the authorization
period, and is in addition to Newmont’s industry-leading dividend
framework.
Newmont’s capital allocation philosophy balances steady
reinvestment in the business, maintaining financial strength and
flexibility, and providing leading returns to shareholders.
Recently, the Company announced an industry-leading dividend
framework, which includes a sustainable base dividend and
additional returns at higher gold prices. The share repurchase
program builds on the $1.0 billion 2020 program, which retired 22
million shares at an average price of $45 per share.
“Our share repurchase program demonstrates the confidence we
have in our world-class portfolio and disciplined operating model
to provide industry-leading returns to our shareholders,” said Tom
Palmer, President and Chief Executive Officer. “The share
repurchase program is among a number of tools we have the
flexibility to deploy to provide the most superior set of returns
to shareholders over time.”
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 $2.7 billion
to shareholders through dividends and share buybacks since January
2019.
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.
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 return to shareholders
(including share repurchases and dividend declarations, payment
levels and sustainability), performance and business results,
project profitability and development, cash flow and financial
flexibility. Investors are also cautioned 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. 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 or to repurchase the full $1.0 billion amount during the
authorization period. Consequently, the Board of Directors may
revise or terminate such share repurchase authorization in the
future. Investors are also cautioned that the Company’s dividend
framework is non-binding. Future dividends are assessed on a
quarterly basis by 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.
Dividends for 2021 have not yet been approved or declared by the
Board of Directors. Management’s expectations with respect to
future dividends are “forward-looking statements” and non-binding.
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. Investors are
reminded that forward-looking statements are subject to various
risks and uncertainties, which could cause the actual results and
expectations to differ materially from the anticipated results or
expectations expressed, including, without limitation, risks in
connection with the operations, cash flow and results of the
Company relating to the uncertain duration, scope and effect of the
current COVID-19 and effectiveness of the COVID-19 vaccines. In
light of the changing environment and uncertainties, no guarantees
can be provided that Newmont’s proactive efforts to minimize
impacts of COVID-19 on its operations will be effective in
eliminating risks. Similarly, no guarantees can be made that the
Company will be able to maintain the same dividend level in the
future. Investors should not place undue reliance on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210114005322/en/
Media Contact Courtney Boone,
303.837.5159 courtney.boone@newmont.com
Investor Contact Eric Colby,
303.837.5724 eric.colby@newmont.com
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