Sibanye Gold reported on Thursday a 60%  decline in second-half headline earnings per share because of impairments to some operations, investments in a refinery as well as an additional tax payment.

The company said headline earnings per share, which strip out certain once-off items, totalled 8 U.S cents from 20 cents in the previous comparable period.

Normalised earnings, from which Sibanye’s dividends are calculated, edged down 5 percent year-on-year to 1.2 billion rand ($103.4 million) but the company still declared a dividend that was 22 percent higher for the year.

“The approximate 1 billion (112 SA cents per share) rand total dividend declared for 2014 is 22 percent higher than the dividend declared in 2013 and equivalent to an industry leading 3.7 percent dividend yield at 18 February 2015,” the company said.

Sibanye is regarded as a cash-rich dividend play focusing on older assets which will not require the capital expenditure that a new mine would need.