Newmont to Repurchase up to $1 Billion of Stock
Press Release
DENVER–Newmont (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced its Board of Directors has unanimously approved the authorization of a stock repurchase program for up to $1 billion of common equity to be completed in the next 12 months.1 The program will be executed at the Company’s discretion, utilizing open market repurchases to occur from time-to-time throughout the authorization period.
The Company’s stock repurchase program aligns with its disciplined capital allocation priorities, which include returning cash to shareholders, investing in profitable growth and maintaining an investment grade credit profile. All shares repurchased will be retired, resulting in immediate accretion to shareholders by reducing total shares outstanding and improving per share financial performance.
Newmont has a strong track record of delivering continuous and sustainable improvements to its operations through superior operational execution and its Full Potential program, which has generated more than $2.5 billion of total value since 2013.2 Newmont has completed its Goldcorp integration process and is now positioned to realize over $500 million per annum in total cash flow improvements by 2021 from G&A and exploration synergies, supply chain efficiencies, and Full Potential cost and productivity improvements.
“Our share repurchase program reflects the confidence we have in our people, our operations and our balance sheet to deliver substantial value upside and returns for our shareholders,” said Tom Palmer, President and Chief Executive Officer. “Working closely with our Board of Directors, we determined that current market conditions, combined with $635 million of expected cash proceeds from the sales of Red Lake and our equity investment in Continental, create a compelling opportunity to initiate our $1 billion share buyback program over the next 12 months whilst we continue to return cash to shareholders through sustainable dividends.”
About Newmont
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.
Media Contact
Omar Jabara
303.837.5114
omar.jabara@newmont.com
Investor Contact
Jessica Largent
303.837.5484
jessica.largent@newmont.com
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