Northam skips final dividend despite record results
Though shareholders in SA mining companies have been well rewarded with good dividends, platinum producers opted against it in the light of a big share repurchase.
Despite a “ground-breaking” year in which Northam Platinum delivered record operational and financial results, the mid-tier platinum group metal (PGM) producer is among the few cash-flush miners not to dole out final dividends to shareholders.
A stellar year ending in June was marked by strong production and high PGM prices and saw Northam report a more than twofold rise in normalised headline earnings to reach R10.9bn, equating to R21.32 per share. The company reported R9.4bn in profit after tax and net debt of R3.7bn, well below its target net debt to earnings ratio...