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After a robust interim financial performance, Anglo American Platinum declared a R1bn dividend and an upfront cash payment of R800m to buy Glencore’s stake in the Mototolo joint venture. The world’s largest platinum miner has undergone an extensive restructuring exercise, selling deep-level, labour-intensive mines to focus on mechanised, shallower, more profitable assets, and that strategy is now yielding benefits. Over the past five years, Amplats has reduced the number of its mines to seven from 18, and cut its workforce by 60%, primarily through asset sales. It has maintained its production levels during this time. Amplats resumed interim dividend payments, returning R3.74 per share to investors, the first half-year payment since 2011. Amplats declared a post-tax profit of R2.28bn for the six months to end-June, compared with a R1.3bn loss the previous year, with revenue growing by R6bn to R33.5bn. Amplats swung to a net cash position of R477m from net debt of R5.9bn a year earli...

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