Newcrest to pay shareholders dividend


The Newcrest board of directors has determined that a final unfranked dividend of 7.5 (US) cents per share will be paid next Tuesday to shareholders.
Newcrest said in its 2016 annual report that its dividend policy continued to balance financial performance and capital commitments with a prudent leverage and gearing level for the company.
“The Newcrest board has determined that, having regard to the company’s financial performance in the 2016 financial year and target financial metrics at year-end, a final unfranked dividend of US7.5 cents per share will be paid on 18 October 2016,” the report said.
“Newcrest looks to pay ordinary dividends that are sustainable over time having regard to its financial policy, profitability, and balance sheet strength and reinvestment options in the business.
The record date for entitlement is September 22, 2016.”
The financial impact of the dividend amounting to US$57 million (K177.5 million) has not been recognised in the Consolidated Financial Statements for the year.
The dividend will be paid from conduit foreign income and will be exempt from withholding tax.
The dividend reinvestment plan remains in place, the report said.
According to the company’s website, Newcrest is the largest gold producer listed on the Australian Stock Exchange and one of the world’s largest gold mining companies.
A key objective of Newcrest’s exploration activities is to secure large mineral districts, or provinces, in order to establish long-term mining operations, while enhancing the potential for further discoveries.
Newcrest has a proud history of exploration, discovery, development and operation of gold mines.

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