Norilsk Nickel says directors to mull Jan–Sep dividends on Nov 22

MOSCOW, Nov 16 (PRIME) -- The board of directors of Russian metals giant Norilsk Nickel, will consider paying January–September dividends on November 22, the company said in a statement on Tuesday.

Norilsk Nickel paid U.S. $3.5 billion, or 50% of the company’s free cash flow, in dividends for 2020.

The managers insisted on lower dividends, noting the costs associated with an accident at a power plant in Norilsk and the need to increase investment. According to the current dividend policy, the dividends will amount to 60% of the company’s earnings before interest, taxes, depreciation and amortization (EBITDA), or about $4.6 billion.

In March, the company’s management recommended increasing the dividend ceiling to 50–75% of the free cash flow.

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