Newmont will increase its quarterly dividend by 79 per cent, the world’s largest gold miner said on Monday, as gold prices surged toward a seven-year high.
The Colorado-based miner said its dividend would rise to 25 cents a share starting in the quarter ending April 2020, or $1 a share on an annualised basis.
Gold hit its highest level since April 2013 on Monday, of $1,579.72 a troy ounce, due to rising tensions in the Middle East following the US assassination of a top Iranian general in Iraq.
Newmont also said it will continue its stock buyback plan, with a target to buy back $1bn worth of equity. In the quarter ending December 31, Newmont spent $506m buying back shares, it said.
Shares in Newmont rose 1.3 per cent to $43.39 in morning trading on the news.
Newmont ups dividend by 79 per cent as gold prices surge
