Barrick boosts quarterly dividend by 25 percent

Wed Oct 26, 2011 4:41pm EDT
 
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(Reuters) - Barrick Gold ABX.TO said on Wednesday its board has authorized a 25 percent increase in its quarterly dividend.

Analysts have been calling on the world's top gold miner to raise its dividend for a few months now, as it had last increased it more than a year ago and its payout ratio trailed that of many of its smaller peers in the sector.

A surge in the price of gold has significantly boosted the earnings of gold miners this year and many companies, including Goldcorp G.TO, Kinross K.TO, Newmont NEM.N and others had already boost dividend payouts earlier this year.

Barrick said it is raising its dividend to 15 cents a share from 12 cents. The quarterly dividend is payable on December 15 to shareholders of record at the close of business on November 30, the company said.

Shares of Barrick ended the day up 14 Canadian cents, or 0.3 percent, at C$48.19 on the Toronto Stock Exchange. The company is scheduled to report its third-quarter results on October 27.

(Reporting by Euan Rocha; editing by Rob Wilson)