Iamgold Corp. is boosting its dividend for the third time in 12 months, citing its strong balance sheet.
The Toronto-based mid-tier gold producer said Friday that its annual dividend would increase 25 per cent to 25 cents per share.
The next semi-annual payment of 12.5 cents per share to be paid Jan. 5 to shareholders of record at the close of trading on Dec. 20.
President and chief executive officer Steve Letwin said Iamgold's strong balance sheet and focused portfolio of assets generates significant operating cash flow that “allows us to invest in both growing the business and increasing dividends.”
“This is our third dividend increase in the last twelve months, which reflects the confidence we have in the current and future cash flows for the company,” he said.
Iamgold produces about one million ounces of gold annually from five mines, including joint ventures, in West Africa, South America and Canada. It also operates Niobec, a niobium mine in Quebec.