On September 19th, Kinross announced that it is launching a new, enhanced share buyback program.
Click here to view the news release.
Under the new buyback program, Kinross will buy back $300 million in shares over the remainder of 2022, and will allocate 75% of its excess cash (after the payment of interest and dividends) to share buybacks in 2023 and 2024, subject to certain safeguards highlighted in the press release.
The strength of Kinross’ business coupled with its investment grade balance sheet allows it to allocate additional funds to share buybacks while also reinvesting in its business and maintaining a strong credit profile. Kinross is maintaining its quarterly dividend.
“Our Board of Directors and management team believe that this enhanced buyback program is affordable, enables us to sustain our dividend and is a responsible allocation of capital that does not compromise our balance sheet or our ability to fund our business and advance our impressive pipeline of growth projects,” said Paul Rollinson, President & CEO.