Johannesburg – Diversified global mining company South32 has lifted the suspension of its share buy-back on a robust outlook for its markets. Chief executive Graham Kerr said yesterday that the group was in better shape to deliver value to its shareholders.
“With another quarter of strong operating performance behind us and the further strengthening of our financial position, we have lifted the suspension of our on-market share buy-back. Our capital management programme has $121million (R2billion) remaining and recommencing our buy-back will deliver immediate value to our shareholders,” said Kerr.
In March the Australian and JSE-listed South32 suspended its on marker share buy-back programme to protect its balance sheet amid the uncertainty caused by the Covid-19 pandemic.
In August the group announced a 12-month extension to the programme’s execution window to September 3, 2021.
It said that since inception, $1billion has been allocated to the on-market share buy-back representing 477 million shares at an average price of A$2.94 (R34.42) per share, and US$292m returned in the form of special dividends.