The world’s leading gold company, Denver, Colorado-based Newmont announced the start of a $1 billion repurchase program.
The Board of Directors unanimously approved the authorization of the stock program to be completed in the next 12 months.
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 portfolio of assets, prospects and talent is anchored in mining jurisdictions in North America, South America, Australia and Africa.
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 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.