Kinross Gold pays first dividend in 7 years as metal rallies

Section:

By Steven Frank and Isis Almeida
Bloomberg News
Thursday, September 17, 2020

Canadian miner Kinross Gold Corp. is boosting output and paying its first dividend in seven years after gold prices surged to a record.

The Toronto-based company will give shareholders 3 cents a common share, the first payout since 2013, and resume quarterly dividends of the same amount, taking the total distribution to 12 cents a year, according to a statement today. Production is expected to increase 20% by 2023.

... Dispatch continues below ...



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The move comes after investors flocked to the yellow metal as a safe haven, with the pandemic threatening to derail global economic growth. Spot gold climbed to a record $2,075.47 an ounce in August and while prices have declined since then, they are still up 28% this year, making it the second best performer in the Bloomberg Commodity Index of 22 raw materials.

"Our growing production profile, combined with our declining cost structure, is expected to drive strong and growing free cash flow," Chief Executive Officer J. Paul Rollinson said in the statement. "We are also studying further organic development options given our attractive pipeline of projects and promising exploration results." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-17/kinross-gold-pays-fir...

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