3.2.3 Dividends
Gold Fields has a long and well-established ‘dividends first’ policy of rewarding shareholders by paying out between 25% – 35% of normalised earnings as dividends. This policy is viewed as an important element of Gold Fields’ investment case and we have consistently honoured this commitment with an average payout of approximately 30% of normalised earnings every year over the past six years, one of the highest pay-outs in the global gold mining sector.
Our strong cash generation during 2015 has enabled the Group to declare a final dividend of 21 SA cents per share for 2015. Together with the interim dividend of 4 SA cents per share (for the first six months of the year ended 30 June 2015), this brings the total dividend for the year to 25 SA cents per share, which translates to 34% of normalised earnings for the year.