VALTERRA Platinum followed up a special dividend at its year-end results in February with another handsome payout saying on Wednesday it would dish out 70% of interim earnings, equal to R15.1bn. Shareholders will receive an interim base dividend of R32.50 per share, equal to R8.6bn, representing 40% of headline earnings in terms of the firm’s dividend policy. The realised platinum group metal (PGM) dollar price for the six months came in at $2,801 per PGM ounce (or R45,993, an increase of 66%). There is also a step-up in capex in the second half of the year, therefore cash flow will be “a little lower” than interim free cash flow of R25.5bn (2025: outflow of R4.6bn). “Every single PGM price was materially higher than where we were in 2021 – particularly iridium, ruthenium and rhodium,” said Craig Miller, CEO of Valterra.