Major gold miner Newmont Goldcorp Corp. plans to boost its quarterly dividend 79% from 14 U.S. cents per share to 25 cents per share, according to a Jan. 6 news release.

Newmont said it expects to declare the dividend, which is subject to final approval, in April. It is also continuing a US$1 billion share buyback announced in early December 2019.

The dividend increase comes on the back of a strong gold price in 2019, which climbed about 18.8% year over year to US$1,520.50 per ounce on Dec. 31, 2019.

It also follows Newmont's merger with Goldcorp in 2019 and its joint venture with Barrick Gold Corp. that saw the two gold miners combine their key assets in Nevada.

On the same day that Newmont announced the new dividend policy, it also outlined a corporate rebranding and name change to Newmont Corp.