Northam expects HEPS up 699.5% at the guidance midpoint, to 3,044.20c. Sales revenue increased 64.1% to R54.00bn, driven by stronger metal prices and volumes. Higher PGM prices and production drove earnings. PGM production increased 4.4% to 938,754 oz 4E, while unit cash costs rose 6.4% to R27,376 per 4E oz. Minimum dividend policy increased to 40% of headline earnings, from 25%.
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