Exxaro Resources, which would like to buy all or part of Optimum Colliery’s export entitlement, declared a final dividend of R4 per share, marking a year of strong returns for shareholders. Exxaro paid a R3 per share interim dividend and a special R12.55 per share dividend to disburse cash from the sale of part of its stake in Tronox, an American business dealing in titanium. Exxaro, which has undergone a complex replacement of its empowerment structure, posted revenue of R22.8bn for the year, up from R20.9bn, with increased coal sales and prices contributing to the performance. Net operating profit was R6bn, up from R5.2bn before. Attributable earnings were R5.98bn, up from R5.68bn the year before. Exxaro slipped into net debt of R84m from a net cash position of R1.3bn. The Optimum Colliery, which is owned by Tegeta Resources after the questionable support from state power utility Eskom, is in a business rescue process and several groups have indicated they are interested in the as...
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