Amplats cuts dividend payout again as South African power outages crimp profit. miningnews
Anglo American Platinum Ltd., the world’s biggest platinum miner by market value, cut its dividend payout as worsening power outages in South Africa curb production and profit.
Johannesburg-based Amplats will pay 30 billion rand to investors after profit before some one-time items — known as headline earnings — dropped 38% last year. The payout slumped to 115 rand per share, from 300 rand the previous year.consensus of 149.28 per share and “will come as a disappointment to the market,” RMB Morgan Stanley analysts, including Christopher Nicholson, said in a note. Amplats shares fell as much as 5.2% in Johannesburg, before trading down 2.9% as of 1:13 p.m. local time.
“We’ve got a very solid balance sheet to be able to withstand some of these challenges and continue to invest in the business to maintain our asset integrity,” the CFO said on a conference call.
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