Newmont Mining Corp. swung to a third-quarter loss, hurt by a charge tied to the planned sale of its stake in one of the largest copper deposits in Indonesia. The deal, which had been expected to close in the third quarter, is now expected to close in the fourth quarter.
On an adjusted basis, however, the miner’s profit more than doubled as it benefited from higher prices and higher gold production.
Separately, Colorado-based Newmont, the world’s No. 2 gold miner by production, said it was updating its gold price-linked dividend policy to take advantage of rising prices and said that Nancy K. Buese, most recently chief financial officer at MPLX LP, will take over as CFO on Oct. 31.
The company’s next quarterly payout, under its old policy, will be on Dec. 29, when shareholders will receive 5 cents a share, double its previous payout. Under the new policy, the company would pay at least 10 cents a share at gold prices below $1,150 an ounce beginning in the first quarter.
Chief Executive Gary Goldberg had indicated last summer the miner intended to boost dividends. “We have got our debt down,” so now “we’ll look at modifying our gold-price-linked dividend policy,” Mr. Goldberg told The Wall Street Journal in an interview.
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