New York Stock Exchange-listed Newmont Mining Corporation has announced that its Board of Directors declared a quarterly dividend of $0.025 per share of common stock, payable on June 23, 2016, to holders of record at the close of business on June 9, 2016.
A statement from the miner said Newmont’s gold price-linked dividend policy includes a quarterly dividend payable based on the average LBMA P.M. Gold Price for the preceding quarter (Gold Price).
The policy recommends an annual dividend of $0.10 per share or $0.025 per quarter at a Gold Price of up to $1,300 per ounce and an annual dividend of $0.20 per share or $0.05 per quarter at a Gold Price between $1,300 and $1,399 per ounce.
For each $100 per ounce increase in the Gold Price above $1,399 per ounce, the annual payout increases at a rate of $0.20 per share or $0.05 per quarter, the statement said.
Newmont said the declaration and payment of dividends remain 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.