[miningmx.com] – ANGLO American may cut its interim dividend, said Bloomberg News citing analysts at Barclays, JPMorgan Chase and Investec. Anglo paid $1bn on dividends in 2014, the newswire said.
Mark Cutifani “… has been dealt a very rough hand,” Gavin Wood, the chief investment officer of Kagiso Asset Management told Bloomberg News. “They need to cut back on costs, on capital expenditure, preserve cash and weather it out.”
James Wyatt Tilby, a spokesman for Anglo, told the Wall Street Journal in March that the company could possibly fund its dividend payment this year from debt, but planned to pay dividends from 2016 onwards “… via free cash flow”.
Miningmx said in April that Anglo may also fund a dividend payment by using scrip which would save it $1bn in cash and help it manage its net debt which was expected to topo $13bn in the next couple of years.
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