Gold miners insist they won't splurge despite price surge

Section:

By Helen Reid and Jeff Lewis
Reuters
Monday, September 21, 2020

The world's top gold miners sought to reassure investors on Monday that they're not going on a spending spree despite surging gold prices boosting their shares and free cash flow.

Miners are opting to give more cash back to shareholders rather than plotting takeovers that the market may disapprove of with the COVID-19 pandemic far from over.

... Dispatch continues below ...


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"We don’t need to, and will not be, chasing volume," Newmont Chief Executive Tom Palmer told the Gold Forum Americas conference. "In this current gold price environment we are actively assessing an increase to our sustainable dividend."

Newmont's annual dividend of $1 per share was based on a gold price of $1,200 per ounce. Gold was last trading at $1,887 per ounce.

Kinross reinstated its dividend last week, at 12 cents per share annualized, for the first time since 2013. "We think it's a good starting point," CEO Paul Rollinson said at the conference.

Newcrest Mining targets a dividend payout of at least 10 to 30% of free cash flow. ...

... For the remainder of the report:

https://www.reuters.com/article/idUSKCN26C2MU

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