On Tuesday, Newmont Mining Corporation (NYSE: NEM) announced changes to its dividend policy, according to a press release. Newmont’s annual dividend could rise to $4.70 s share if the vompany’s average realized gold price reaches $2,500 per ounce. The enhanced policy will link the quarterly dividend rate to changes in the gold price.
“In April, Newmont launched the industry’s first and only dividend policy linked directly to the realized gold price,” Richard O’Brien, President and Chief Executive Officer, said. “Newmont’s cash flow and balance sheet strength in the current metal price environment provide us with the flexibility and strength to simultaneously fund our internal growth pipeline and return meaningful cash to our shareholders.”
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Max Chen contributed to this article.