Newmont Mining Corp. plans to boost its dividend payments to shareholders, should gold prices remain above $1,700 an ounce, the company said on Monday.

In April, Newmont announced it would link its dividend payments to the price of gold in a bid to attract investors.

Under the new proposal, which has not yet been approved by the board of directors, Newmont would increase its dividend payment by 10 cents to $1.70 per share, or about 6.25 percent, if gold sustained $1,700 per ounce.

The dividend would be increased if gold climbed further, with a $2,500 per ounce gold price boosting the dividend to $4.70 per share.

Shares in Newmont slipped less than 1 percent in premarket trading.