Bloomberg News

Barrick Raises Dividend 25% After Gold Price Advances to Record

October 26, 2011

Oct. 26 (Bloomberg) -- Barrick Gold Corp., the world’s largest producer of the metal, raised its quarterly dividend by 25 percent after gold climbed to a record.

The company will pay 15 cents a share, up from 12 cents, payable on Dec. 15 to shareholders of record at the close on Nov. 30, Toronto-based Barrick said today in a statement.

Gold for immediate delivery in London traded at a record $1,921.15 an ounce on Sept. 6. The metal averaged $1,706 an ounce in the third quarter, compared with $1,228 a year earlier. Barrick is scheduled to report its third-quarter earnings tomorrow before the start of trading in Toronto.

Newmont Gold Corp., the second-biggest producer by production, said in April it would link its dividend to the gold price. The Greenwood Village, Colorado-based company said last month it was sweetening the payouts for quarters in which gold exceeds $1,700 an ounce.

Newmont said today it will increase its quarterly dividend 17 percent to 35 cents, from 30 cents.

Barrick rose 0.4 percent to C$48.25 at the close in Toronto. The shares have declined 9.2 percent this year. Newmont advanced 1.5 percent to $65.79 in New York.

--Editors: Steven Frank, Tina Davis.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net.

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus