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Newmont declares dividend

Gold major Newmont has declared a quarterly dividend of US55c per share, payable on June 17.
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A Newmont gold pour in Nevada. Image: Newmont

Staff reporter

It had boosted the previous quarterly dividend by 38% to 55c in February, saying at the time the increase was supported by a framework to return 40-60% of incremental attributable free cash flow to shareholders that was generated above a $1,200 per ounce gold price.

The gold price has ranged between about $1,700-$1,800/oz over the past month and was worth $1,788/oz on the spot market at the time of writing.

"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 flow and cash requirements, future prospects, and other factors deemed relevant by the board," Newmont said yesterday.

The miner is due to announce first quarter operations and financial results later today.

Newmont's shares last traded near the middle of a one-year range at $64.20, valuing it about $51 billion.