Preheat oven to 350 degrees F. Line Large baking sheet with foil. Lightly butter foil.
Mix pepper and salt in small bowl.
Melt butter in large nonstick skillet over medium-low heat. Add sugar and 4 tsp water; stir until sugar dissolves. Add almonds; toss to coat. Cook over medium heat until syrup thickens and almonds are well coated, stirring occasionally, about 5 minutes.
Transfer almonds to baking sheet. Using spatula and working quickly, separae almonds. Sprinkle remaining pepper mixture over.
Bake until deep golden brown, about 10 minutes. Transfer sheet to rack; cool.
Note: Can be made 4 days ahead. Store airtight at room temperature.