Anglo American Platinum paid a final dividend of R3 per share for the full year to December 2024, sweetened by a R59 per share payout related to its demerger from Anglo American.Duncan Wanblad, Chief Executive of Anglo American : Picture Anglo American website.
Anglo American Platinum paid a final dividend of R3 per share for the full year to December 2024, sweetened by a R59 per share payout related to its demerger from Anglo American, despite a 40% plunge in headline earnings per share.
Headline earnings per share in Amplats slumped to R32.05, it reported Monday.
“In order to set its independent capital structure in the most efficient manner ahead of the demerger the company has declared an additional cash dividend of R59 per share, totalling R15.7 billion,” said Amplats.
This came after total metal-in-concentrate production for the period reduced by 7% to 3.6 million ounces after Kroondal transitioned to a 4E tolling arrangement.
Amplats’ refined PGM production for 2024 however increased by 3% to 3.9 million ounces through the draw down of work-in-progress inventory built-up from prior years. Consequently, sales volumes for the full year increased by 4% to 4.1 million ounces.
After embarking on a restructuring exercise, Amplats achieved R12 billion in annual cost savings, exceeding the target of R10 billion for 2024.
There were further cost reduction benefits as the company’s all-in sustaining costs per ounce reduced by 13% to $986.
Unit costs also decreased by 2% to R17 540 per PGM ounce, offsetting the 11% decline in own-mined production and inflation.
The decline in rand PGM prices experienced during the year sparked off a 19% fall in earnings before interest, tax, depreciation and amortisation (Ebitda) to R19.8 billion. Rand PGM prices fell by as much as 13% during the period under review.
Amplats generated R14.6bn in operating free cash flow, up from R3.2 billion in 2023, with the company closing 2024 in a “strong net cash position of R17.6 billion” including the customer prepayments.
“Ahead of the demerger the company will be establishing its independent capital structure consistent with its commitment to maintain a strong balance sheet able to support delivery of its strategic priorities and allow shareholders to participate in value creation,” it said.
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