South African miner Exxaro Resources said on Tuesday it would pay a special dividend of 4.5 billion rand ($377 million) from its income reserves after the firm sold stake in U.S. titanium products company Tronox. The dividend represents 12.55 rand ($1.05) per Exxaro ordinary share.
“In assessing the application of the proceeds realised on the sale, the board of directors of Exxaro considered its growth prospects, future capital commitments, the repayment of debt and the return of capital to its shareholders,” Exxaro said.
Exxaro said in October it had completed the sale of 22.4 million shares in Tronox with net proceeds of $474 million.
($1 = 11.9330 rand)
Reporting by Tanisha Heiberg; Editing by Amrutha Gayathri (Reuters)