Barrick Gold (ABX) will raise its quarterly dividend from $0.02 to $0.03 per share.

The quarterly dividend is payable on March 15, 2017, to shareholders of record at the close of business on February 28, 2017.

“Our capital allocation goals over the past two years have centered on restoring our balance sheet to withstand gold price volatility, investing to improve the quality of our asset base, and rewarding our shareholders with a reliable dividend. Since the end of 2014, we have reduced our total debt by 40 percent, and in 2017 we are increasing our investments in exploration and projects that have the potential to grow free cash flow per share over the long term. Reflecting this progress, we are increasing returns to our owners through an increase in our quarterly dividend.”, according to the company in today’s press release.

Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company has nine producing gold mines, which are located in Canada, the United States, Peru, Argentina, Australia and the Dominican Republic.