 Newcrest Mining have told shareholders a period of strong dividend growth can be expected as capital spending on projects peak and higher rates of gold are produced.
Newcrest chairman Don Mercer told shareholders at the company’s annual meeting that the completion of two major projects would see capital expenditure reduce at the same time as the price of gold was rising, WA Today reported. ‘Other things being equal, this should allow for greater dividend distribution to shareholders in the future, if gold prices remain strong,” he said. Earlier this year, Newcrest posted a 50 per cent jump in net profit, with $659 million coming in for the six months to December, a rise on the previous $438 million. The company also recorded a five per cent rise in gold production, six per cent rise in copper, and massive 22 per cent jump in silver production. Newcrest operates mines in four countries, and has a global workforce exceeding 19,000.
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