With dividend increases, gold miners share wealth from high prices


From the Canadian Press
via The Star, Toronto
Tuesday, October 13, 2020

CALGARY, Alberta -- Investors in Canadian gold-mining companies are being rewarded with higher dividends as gold prices settle near US$1,900 per ounce after setting record highs above US2,070 in August.

Toronto-based Kirkland Lake Gold Ltd. is increasing its quarterly dividend by 50 percent to 18.75 cents U.S. a share in the fourth quarter after doubling it to 12.5 cents U.S. in the first quarter this year.

... Dispatch continues below ...


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It says its cash position increased by 58 percent during the third quarter to US$848 million with no debt as it sold 332,000 ounces of gold at an average realized price of US$1,907 per ounce.

Last week Yamana Gold Inc. announced it too would raise its quarterly dividend by 50 percent, resetting it at 2.625 cents US per share in the fourth quarter.

The Toronto-based miner also raised its 2020 production guidance by three per cent to 915,000 gold equivalent ounces.

In September Kinross Gold Corp. reinstated the dividend it canceled seven years ago in view of its growing gold production and higher gold prices. ...

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