Newmont Mining Boosts Dividend 50%

Investors in Newmont Mining (NEM: 61.01 -2.05%) will see a 50% increase in their quarterly dividend beginning in September.

 

The mining stock announced today that their Board of Directors has approved a dividend increase from $.10 per share to $.15 per share. The dividend increase will push NEM’s yield to 1.1% based on yesterday’s closing price.

 

“Today’s announcement of a 50% increase of our regular quarterly dividend reflects the confidence we have in our ability to fully fund our project pipeline and exploration programs, keep the door open to value-creating acquisition opportunities and return capital to shareholders, which we feel positions us uniquely in the gold equity market and versus the ETF,” said Richard O’Brien, President and Chief Executive Officer.

 

The dividend announcement comes as Newmont Mining reported second quarter income jumped 77%, but still managed to fall short of Wall Street’s expectations.

 

The stock was down in pre-market trading on the earnings disappointment, but has risen 18% since the beginning of the year.

 

The increased dividend will be paid out on September 29, 2010 to shareholders of record as of September 8, 2010.

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