Kinross Gold Issues First Dividend In Seven Years

Riding high gold prices, Kinross Gold (TSX:K) has announced its first dividend for shareholders in seven years.

The Canadian miner credited surging gold prices for the dividend, saying it will give shareholders three cents U.S. per common share, the company’s first payout since 2013, and resume quarterly dividends of the same amount, taking the total distribution to 12 cents U.S. a year.

The dividend comes after investors flocked to gold as a safe haven during the global pandemic. Spot gold climbed to a record $2,075.47 U.S. an ounce in August. Prices have declined since then, but are still up 28% this year.

Kinross said it will pay the dividend on October 22. The last time the company paid a quarterly dividend was in March 2013, paying out eight cents U.S. a share.

The company also plans to boost output to 2.9 million gold equivalent ounces over the next three years by extending the life of mines and executing on projects under its capital expenditure plan.