Miner returns dividends
By Eric Onstad |
February 9, 2010, Tuesday
|
Print Edition
Print Edition
MINING group Xstrata reinstated dividends yesterday citing an encouraging outlook for commodities demand in the medium term after posting an expected 41 percent fall in 2009 profit on weaker metals prices.
"Robust economic growth and demand for commodities from industrializing nations is likely to continue," Chief Executive Mick Davis said in a statement, adding that Asia would be the main driver of metals demand as the pace of recovery in rich nations was uncertain.
"The medium-term outlook for commodity demand remains very promising," Davis said.
A final dividend of 8 US cents per share will be paid in May.
Anglo-Swiss Xstrata said attributable profit, excluding exceptional items and discontinued operations, fell to US$2.77 billion last year from US$4.70 billion in 2008.
The profit drop was mainly due to weaker metals prices on 16 percent lower revenue of US$23.5 billion.
This compared to a consensus profit forecast of US$2.76 billion, according to 11 analysts on Thomson Reuters.
Xstrata said it delivered real cost savings of US$501 million, representing a 5 percent fall in the operating cost base.
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