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RIO DE JANEIRO, BRAZIL - The good times for gold miners are expected to continue next year, especially for those that are able to tighten spending and increase returns to investors.

The rally in gold prices has helped miners expand their margins and generate record levels of free cash flow, allowing many to pass on profits to shareholders already, Scotiabank analyst Tanya Jakusconek said.

"With miners’ balance sheets in great shape, we believe investors will benefit from much higher dividends over the coming years," Jakusconek wrote in a note to clients. Kinross Gold Corp., for example, offers "particularly compelling value," as . . .

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