DENVER, CO (STL.News) Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced its Board of Directors has approved a share repurchase program for up to $1.0 billion of common equity, to be completed over the next 18 months. The program will be executed at the Company’s discretion, utilizing open market repurchases to occur from time to time throughout the authorization period, and is in addition to Newmont’s industry-leading dividend framework.
Newmont’s capital allocation philosophy balances steady reinvestment in the business, maintaining financial strength and flexibility, and providing leading returns to shareholders. Recently, the Company announced an industry-leading dividend framework, which includes a sustainable base dividend and additional returns at higher gold prices. The share repurchase program builds on the $1.0 billion 2020 program, which retired 22 million shares at an average price of $45 per share.
“Our share repurchase program demonstrates the confidence we have in our world-class portfolio and disciplined operating model to provide industry-leading returns to our shareholders,” said Tom Palmer, President and Chief Executive Officer. “The share repurchase program is among a number of tools we have the flexibility to deploy to provide the most superior set of returns to shareholders over time.”
Newmont has the strongest and most sustainable portfolio of operations, projects and exploration prospects in the gold sector. Newmont’s world-class portfolio has returned more than $2.7 billion to shareholders through dividends and share buybacks since January 2019.