Anglo American Platinum, the world’s biggest platinum miner by value, cut its dividend payout as worsening South African power outages continue to curb production and crimp profit.
The Johannesburg-based platinum-group-metals producer will pay R30 billion ($1.66 billion) to investors after profit before some one-time items dropped 38% to R49 billion last year, it said in a statement on Monday. The payout is equivalent to 62% of headline earnings, or R115 per share, compared with R300 paid in the prior period.
Read: Natascha Viljoen, breaker of glass ceilings, to leave Anglo Platinum
“This financial year has seen us navigate a complex operating environment, with macro-economic challenges, supply chain disruptions, socio-economic unrest and electricity load-curtailment, as well as some operational headwinds of our own,” Chief Executive Officer Natascha Viljoen said in the statement.
The Anglo American unit and its South African peers are grappling with intensifying blackouts as state-owned utility Eskom struggles to keep its coal-fired power plants working. The challenges are hitting output and profit margins in the world’s top platinum supplier.
Read all our Eskom coverage here.
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