Soaring profits tap cash dividends for Sibanye shareholders

JOHANNESBURG – Sibanye-Stillwater resumed cash dividends for the first time in three years during the six months ended June after profits soared buoyed by record gold prices.

JSE and New York Exchange-listed Sibanye-Stillwater on Thursday declared an R1.338 billion interim dividend, or 50 cents a share, on the change to its fortunes thanks to the jump in the gold price.

Normalised earnings increased to a record R8.84bn ($531 million) from an R2.11bn loss a year earlier.

“This has positioned the group to resume cash dividends, which were suspended following the acquisition of Stillwater in the first half of 2017, which resulted in a temporary increase in group debt,” chief executive Neal Froneman said.

The group acquired Stillwater Mining in the US for $2.2bn in 2017.