DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced its Board of Directors declared a quarterly dividend of $0.025 per share of common stock, payable on March 24, 2016, to holders of record at the close of business on March 10, 2016.
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 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.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, including, without limitation, statements relating to future dividend payments, gold prices, return on capital, investments, operating cash flow, financial flexibility and balance sheet strength. Investors are cautioned that the gold price linked dividend policy is non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, cash and liquidity requirements, future prospects and other factors deemed relevant by the Board. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on the common stock of the Company, the Board of Directors may revise or terminate such policy at any time without prior notice. As a result, investors should not place undue reliance on such policy or guidelines.