CAPITAL MARKETS

Barrick to pay bigger dividend

Barrick Gold (TSX: ABX) has confirmed its promise of a bigger fourth quarter dividend for shareholders.

Staff reporter
Barrick confirms “enhanced” dividend ahead of merger

Barrick confirms “enhanced” dividend ahead of merger

The Canada-based miner's board declared a fourth quarter dividend of US7c per share, resulting in an annualised 2018 dividend of 16c, above the previously slated 12c.

Barrick had flagged the bigger payment in October as a sweetener for shareholders in connection with its nearing merger with Randgold Resources (LSE: RRL).
 
Randgold has also said it would increase its 2018 dividend from $2/share to $2.69.

The enhanced dividends were expected to cost Barrick $23 million and Randgold $65 million.

"Following the completion of Barrick's merger with Randgold Resources Limited, the company expects to pay a quarterly dividend of $0.04 per share, commencing with the dividend to be declared in April 2019 in respect of the first quarter of 2019," Barrick said.

The pair have just announced their $18 billion merger has passed the final milestone, being sanctioned by the Royal Court of Jersey.  

New Barrick is expected to come into effect on January 1.

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