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Business News

Xstrata doubles dividend payout

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.