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Xstrata resumes dividend payments
Xstrata, the mining group headquartered in Zug, Switzerland and listed on the Swiss and London Stock Exchanges, announced on Monday morning that it is to resume dividend payments, despite reporting a fall in net profits to $661 million in 2009. Xstrata blamed one-off costs – which nearly doubled to $2.1 billion – and lower commodity prices for the fall, but Chief Executive Mick Davis remained optimistic about the outlook for commodity demand. He was quoted as saying "Robust economic growth and demand for commodities from industrialising nations is likely to continue", adding that Asia would be the focus of demand for metals as the developed nations of the western hemisphere struggled to recover from the economic crisis.
Dominic Turner
shareprices.com - Monday, February 08, 2010
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The dividend news came on the same day that Xstrata announced the temporary closure of its Tahmoor coal mine in eastern Australia in response to industrial action by workers, having narrowly avoided a similar situation at Xstrata Nickel in Ontario, Canada, last week. Xstrata's share price rose in early trading but shortly after midday had slipped back 5p or 0.53% to 945p.
Xstrata could not match the sustained strength of South African miner Randgold Resources, which was up 184p or 4.37% after reporting a 79% increase in full-year profit and increasing its dividend by 30%. Profits in the fourth quarter of 2009 leapt to £38.7 million from £9.3 million and Randgold brought forward the expected start date for production at its Kibali gold project in the Democratic Republic of the Congo to 2014. Kibali is one of the largest undeveloped gold deposits in Africa.
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| Value | Change |
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