Amplats Cuts Dividend Payout Again as South African Power Outages Crimp Profit
- Platinum miner facing more requests to curb power use: CEO
- Shares drop as RMB says payout will disappoint market
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Anglo American Platinum Ltd., the world’s biggest platinum miner by market value, cut its dividend payout as worsening power outages in South Africa curb production and profit.
The Anglo American Plc unit reduced its total 2022 payout by 62% as state-owned utility Eskom Holdings SOC Ltd. struggles to keep its coal-fired power plants working. To minimize the risk of a total grid collapse, Amplats is receiving more requests to curtail its power usage, Chief Executive Officer Natascha Viljoen said on a conference call. South Africa is the world’s No. 1 platinum producer.