Full Year 2021 African Rainbow Minerals Ltd Earnings Call Transcript
(technical difficulty)
particularly, well, on both, whether that's the coal or the iron and manganese lines. And we're putting a lot of effort to address it, but it's not going that well at this stage. In line with our capital allocation, so we've obviously declared the (inaudible) dividend, which is -- was 150% higher than last year. So about -- it is a payout of 112% of the dividends that we did receive from our underlying operation with (inaudible) 12% dividend yield. So the headline earnings were undoubtedly underpinned by extremely high commodity prices, particularly iron and PGMs.
The costs were impacted, obviously, due to a lot of inflation issues. But we did have low volumes, primarily due to logistical constraints. And then, obviously, all of this was and continues to a lesser degree, be exacerbated by COVID challenges. The iron and PGM prices have come down from the highs that we did experience in '21 (sic) ['20.] But all of our operations still have reasonable margins and the fundamentals and outlook for the metals we mine remain pretty bullish.
We continue to assess
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