Norilsk calls EGM on interim dividend

RUSSIAN miner Norlisk Nickel has announced an extraordinary general meeting for August 14 to approve an interim dividend payment to shareholders.
Norilsk calls EGM on interim dividend Norilsk calls EGM on interim dividend Norilsk calls EGM on interim dividend Norilsk calls EGM on interim dividend Norilsk calls EGM on interim dividend

The payment will be at 305.07 roubles - about $US5.10 - per one ordinary share in the company, with a total of $US800 million expected to be given out to shareholders.

The interim dividend record date has been set for September 25.

First vice president and executive director Pavel Fedorov said: "The interim dividend recommendation is based on off the conservative liquidity management policy and accounting for current commodity markets.

"At the same time, we would like to remind investors that the target for the total annual dividend distribution is set at 50% of international finance reporting standards and equal to earnings before interest, tax, depreciation and amortisation for the year, but is not less than $US2 billion."

"Therefore, based on the results of the 2015 financial year, management will be aiming to recommend to the board the final annual dividend, calculated as a difference between the annual dividend target and all interim dividends paid for 2015."

The company also said it has bought 171,023 ordinary shares as part of a buyback program from July 27 to 31 on the Moscow Stock Exchange, raising a total of RUB1.6 billion ($US26.6 million).

Although Norilsk has sold most of its Australian assets, the company is staying put and has expressed interest in Papua New Guinea and the Pacific as potential markets.

Russian mining and oil and gas firms are seeking to do business in friendlier jurisdictions because of economic sanctions imposed by the European Union.

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