DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced its Board of Directors declared a quarterly dividend of $0.05 per share of common stock, payable on March 23, 2017, to holders of record at the close of business on March 9, 2017.
This is the first dividend payable under the Company’s enhanced gold price-linked dividend policy which was approved in the fourth quarter of 2016 and came into effect in the first quarter of 2017. The dividend of $0.05 per share is double the dividend paid in the prior year quarter.
Newmont's gold price-linked dividend policy includes a quarterly payable dividend based on the average LBMA P.M. Gold Price for the preceding quarter. The policy includes a minimum $0.10 per share ($0.025 per quarter) payout at gold prices below $1,150 per ounce. The dividend increases to $0.15 per share ($0.0375 per quarter) at gold prices of $1,150 per ounce. At $1,200, the dividend increases to $0.20 per share ($0.05 per quarter). For each $50 increase above $1,200 per ounce the dividend increases by a further $0.10 per share ($0.025 per quarter). At $1,400, $1,500 and $1,600 per ounce, the dividend increases to $0.60, $0.85 and $1.10 per share ($0.15, $0.2125 and $0.275 per quarter), respectively.
The declaration and payment of 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.
