Newmont Mining (NEM) announced second quarter earnings last week of $1.06 per share against $0.78 per share in the second quarter of 2010. Revenue rose to $2.4 billion, up 11% from a year ago on the back of higher selling prices as year-over-year gold and copper production rose marginally. The shift into growth mode continues as two development properties were given the green light to move forward, Conga in Peru and Tanami Shaft in Australia.
On July 27, Newmont surprised investors by raising the quarterly dividend by 50% to 30 cents per share for the third quarter. Last quarter management hinted at a five cent increase according to the gold-price-linked dividend if the average sales price came in in the upper 1400s per ounce. According to the gold-price-linked dividend schedule, gold's move above $1,700 per ounce indicates a dividend increase of 10 cents to 40 cents per share.
Source: Thoughts from a Contrarian Investor
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