Newmont Mining (NEM) will pay a special cash dividend of 88 cents per share. Last year the gold and copper miner raised its quarterly dividend by 100 percent to $0.14 per share. Newmont has a gold price-linked dividend policy.

The special dividend is conditional upon the approval by both Newmont’s and Goldcorp’s shareholders of the resolutions to be considered at their shareholder meetings on April 11 and April 4, 2019, respectively, in connection with the proposed transaction between the two companies. The special dividend will be paid, subject to satisfaction of the conditions, on May 1, 2019. Closing of the Newmont Goldcorp transaction is expected shortly after the two shareholder special meetings if shareholders of both companies approve the resolutions.

Newmont states that the special dividend delivers value to existing Newmont shareholders with an immediate cash payment for a portion of the synergy potential arising from the Nevada joint venture announced with Barrick Gold Corporation.

“We are pleased to make this special dividend payable to Newmont’s current shareholders in recognition of the potential synergy value of the Nevada joint venture agreement,” said Gary Goldberg, Chief Executive Officer. “We have continued to engage with, and have listened carefully to, our shareholders, and we are pleased that several of our largest shareholders have expressed their support for the combination with Goldcorp.”

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company’s operations are primarily in the United States, Australia, Ghana, Peru and Suriname.  Newmont was founded in 1921 and has been publicly traded since 1925.