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AIM-listed mining outfit Sylvania Platinum (LON:SLP) announced its maiden cash dividend of 0.35p after increasing net revenues by 24% to $62.8 million for the year ended 30th June. Net profits also improved by 24% to $11 million.
CEO Terry McConnachie said: “Despite an increase in operating costs over the past financial year, Sylvania is still regarded as one of the lowest cost PGM producers in the world. For this I compliment Management and the Operations teams for not only keeping their heads above water during conditions often outside of their control, but also showing ingenuity and resilience in their ability to adjust management plans and take opportunistic decisions resulting in a solid operational performance. I look forward to what FY2019 has in store, as well as achieving our stated guidance of 76,000 to 78,000 ounces.
“I am also pleased to advise that the Board has recommended that a maiden cash dividend of 0.35 pence per share be paid following Shareholder approval at the AGM in November 2018.”
Shares in Sylvania Platinum climbed by 7.98% to 21.81p (as of 13:45 BST).