Newmont sees best quarter in 100-year history as gold prices soar

Newmont sees best quarter in 100-year history as gold prices soar

Newmont Corp. recorded its highest quarterly sales revenue in more than a decade from its gold mines, allowing it to hike its dividend and declare its third quarter the best in its 100-year history.

The Denver-based company’s revenue rose 17% year over year to $3.17 billion in the third quarter.

Newmont (NYSE: NEM) was helped by gold prices that, fueled by pandemic economic uncertainties, have risen steadily for months and hit a summer high not seen since a gold peak in 2011.

Newmont recorded $1.3 billion free cash flow from the quarter and, on Wednesday, declared a 60% increase in the dividend it pays to shareholders.“This was the best quarterly financial performance in Newmont’s history,” said Tom Palmer , president and CEO of Newmont.The company’s dividend increase added to a 79% dividend hike earlier in the year and pushed Newmont’s annual shareholder dividend rate to a gold-industry high of $1.60 per share.The […]

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