JOHANNESBURG, Feb 17 (Reuters) - Anglo American Platinum said on Monday it will pay an additional $856 million cash dividend ahead of its planned spinoff into a standalone unit.
The payout is despite profit slumping 40% to about 8.4 billion rand as lower platinum-group metal prices continue to crimp earnings.
The Johannesburg-based Amplats said the 15.7 billion rand cash payout is in addition to the final dividend of 3 rand per share ahead of its plan to demerge from parent company Anglo American.
Amplats said its paying the additional dividend from its net cash reserves of about 17.6 billion rand, CEO Craig Miller said on a media call.
Amplats is due to be separated into an independent company from parent Anglo by June this year.
The platinum miner is being spun off from the London listed group, part of a restructuring strategy that Anglo American implemented after fighting off a $49 billion takeover bid from bigger rival BHP last year.
As part of its strategic overhaul, Anglo sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit.
Reporting by Felix Njini and Nelson Banya; Editing by Tom Hogue and Christian Schmollinger
Source: Reuters