Good week for Chris Griffith, bad week for Mosebenzi Zwane
Six years of belt-tightening at the world’s biggest platinum miner, Anglo American Platinum, ended this week when CEO Chris Griffith announced an annual dividend of 349c/share. He’s had to cut costs, pay down debt and eliminate almost 500,000oz of loss-making production, but now, he says, "We’re more efficient, we’re more competitive and we’re generating better returns." The dividend may encourage Amplats’s majority shareholder, Anglo American, to feel more generous towards its shareholders.
With a cabinet reshuffle on the cards, mineral resources minister Mosebenzi Zwane is on the ropes. He has effectively been sidelined by President Cyril Ramaphosa in talks with the Chamber of Mines over the mining charter, which under Zwane inspired despair in the industry. The tabling of the charter was being challenged in court until Ramaphosa stepped in. Zwane could face graft charges over the Vrede dairy farm project from which money was allegedly siphoned to the Guptas when he was Free State MEC.