Newmont Corp.'s board approved a share repurchase program of up to $1.0 billion, with completion expected over the next 18 months.

The gold major said Jan. 14 that the buyback program is separate from its dividend framework, which includes a sustainable base dividend and additional returns at higher gold prices.

In 2020, Newmont launched a $1.0 billion buyback program, retiring 22 million shares at an average price of $45 apiece.

The company said it has returned more than $2.7 billion to shareholders through dividends and share buybacks since January 2019.