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Newmont Mining cuts dividend by nearly 18 percent

DENVER (AP) -- Newmont Mining Corp. said Wednesday that it plans to cut its dividend by nearly 18 percent.

The Denver-based mining company declared a dividend of 35 cents per share, which is payable June 27 to shareholders of record as of June 12. That is compared with its most recent dividend payment of 42.5 cents per share, paid in March.

Newmont said the dividend price for the second quarter was based on gold prices during the first quarter. A number of mining companies are struggling with recent declines in the price of gold.

The company's shares jumped nearly 6 percent to close regular trading at $34.33 Wednesday and fell 55 cents in after-hours trading on the news.