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Gold Fields Enhances Dividend Policy; Plans TSX Listing

By Jaime Llinares Taboada

 

Gold Fields Ltd. said Monday that it is enhancing its dividend policy to 30%-45% of normalized earnings, and that it will seek to list its shares in the Toronto Stock Exchange if it completes the acquisition of Yamana Gold Inc.

The precious-metals mining company said the new dividend policy reflects its strong conviction on cash flows. For the 2023 dividend cycle, the company is targeting a payment totaling 45% of earnings--the top end of the new policy range.

Gold Fields said that the TSX listing would be in addition to its existing listings in Johannesburg and New York.

The company is hosting a new investor conference call Monday regarding the proposed acquisition of Yamana. Gold Fields in May agreed to buy Yamana in an all-stock deal valuing the Canadian company at $6.7 billion.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

July 11, 2022 01:46 ET (05:46 GMT)

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