Newmont drops Goldcorp from name as part of rebranding, raises dividend
VANCOUVER – Newmont Corp. is boosting its quarterly dividend by 79 per cent while also dropping reference to Canadian company Goldcorp as part of a centenary-year rebranding.
The Denver-based company says the dividend will increase to 25 cents per share.
It was only in April last year that Newmont changed its name to Newmont Goldcorp Corp. after it closed a takeover of the Vancouver-based company in a US$10 billion all-stock deal.
Newmont says its name is well recognized after almost a 100 years in operation, and that the update represents a natural step for the transformed company.
Along with the name change in last year’s deal, Newmont committed to making Goldcorp’s Vancouver office its North American regional office, maintaining a significant Canadian presence on Newmont’s board of directors, and listing on the Toronto Stock Exchange.
In November, Newmont announced it would sell the Red Lake mining complex in Ontario that gave Goldcorp its start in the early 1990s, and helped it grow to become one of the world’s biggest gold miners. The deal for Red Lake, valued at up to US$475 million, was part of a streamlining of Newmont’s portfolio after the takeover.