Rand Mining (ASX: RND) has declared a maiden fully franked dividend of 10 cents per share, based on strong profitability of the East Kundana JV operations, managed by Northern Star. The record date for the dividend is 7 July with payment by the end of July.
- Rand Mining Ltd (ASX: RND) topay a maiden dividend of 10¢ per share
- Dividend is fully franked with a record date of 7 July 2017
- Payment of maiden dividend driven by strength in production at the East KundanaJoint Venture (EKJV) with Northern Star Resources Ltd (ASX: NST) and Tribune Resources Ltd (ASX: TBR)
Rand Mining Ltd (“Rand” or “the Company”) is pleased to announce the payment of a maiden dividend to shareholders.
The Board has resolved to pay a dividend of 10¢ per share, fully franked. The key dates are as follows:
- Ex-dividend Date Thursday 6 July 2017
- Record Date Friday 7 July 2017
- Payment Date Monday 31 July 2017
Managing Director Anton Billis said the dividend payment reflects the current level of profitability from operations.
“It is also recognition of the continued loyal support displayed by shareholders,” Mr Billis said.
“This first-time payment of a dividend is a significant milestone for Rand and underlines the continued success of the EKJV.”
The dividend is in line with Rand’s strategy of beginning to distribute a return to shareholders on a more regular basis while first having regard to the Company’s priorities for cash reserves. Those priorities are:
- Meeting all required or anticipated financial commitments and requirements of the EKJV and other projects;
- Meeting all overhead and compliance and regulatory costs; and
- Enable the Company to review, analyse and secure suitable acquisitions or other opportunities to grow shareholder wealth.
The declaration of future dividends remains at the discretion of the Board and is subject to maintaining the Company’s primary priorities.
The EKJV is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie. The EKJV is between Rand (12.75%), Tribune Resources Ltd (36.75%) and Northern Star Resources Ltd (51%).
