On Friday the firm posted a record R2.4billion operating profit for the year to end June 2019.
Northam chief executive, Paul Dunne, said on Friday that group capex had been significantly lower this year at R2.9bn and was likely to taper further next year after the company completed key milestones.
Dunne projected for example that capex at the Zondereinde project would likely be R595million in 2020 from R674m in the current financial year. Capex at the mine was R1.5bn in the 2018 financial year.
He said capex had peaked last year at R3.8bn mainly on expenditure at Booysendal South, the completion of the second furnace at Zondereinde and the purchase of the western extension.