Xstrata doubles dividend payout
Cahal Milmo is the chief reporter of The Independent and has been with the paper since 2000. He was born in London and previously worked at the Press Association news agency. He has reported on assignment at home and abroad, including Rwanda, Sudan and Burkina Faso, the phone hacking scandal and the London Olympics. In his spare time he is a keen runner and cyclist, and keeps an allotment.
Wednesday 03 August 2011
Anglo-Swiss miner Xstrata more than doubled its interim dividend yesterday and pointed to a stronger second half, as ongoing tightness in the copper market helps the group to recover from a flood-hit start to 2011.
The fourth-largest UK-listed diversified miner lifted its interim dividend to $0.13 on the back of a 30 per cent rise in headline profits, and said it would do more to return cash to shareholders.
"Our judgment is we can afford to be a high-growth and a progressive dividend-paying company as well," said Mick Davis, Xstrata's chief executive, though the company was not immune to cost inflation, it warned.
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