Amplats reports jump in first half earnings, buys Glencore's stake in Mototolo platinum mine

FILE PHOTO - A cow is seen near the AngloAmerican sign board outside the Mogalakwena platinum mine in Mokopane , north-western part of South Africa , Limpopo province May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG (Reuters) - Anglo American Platinum AMSJ.J posted a 350 percent rise in interim profits on Monday and kept the dividend tap flowing as it reaps the benefits of a pivot to mechanised mining that has lifted productivity and cut costs.

The world's largest platinum producer also announced that it had acquired Glencore's GLEN.L 39 percent stake in Mototolo, a mechanised platinum mine on the eastern limb of South Africa's platinum belt.

“The acquisition of Glencore’s stake in the Mototolo JV increases Amplats’ interest in a mechanised, low-cost, high quality resource,” Chief Executive Chris Griffith said in a statement.

The company, a unit of Anglo American unit AAL.L, reported headline earnings per share of 1,282 cents, in line with its guidance.

It declared an interim dividend of 374 cents per share. In February, the company announced its first dividend in seven years.

Reporting by Ed Stoddard; editing by Olivia Kumwenda-Mtambo and Jason Neely