Norilsk Nickel says directors to mull JanЦSep dividends on Nov 22
MOSCOW, Nov 16 (PRIME) -- The board of directors of Russian metals giant Norilsk Nickel, will consider paying JanuaryЦSeptember dividends on November 22, the company said in a statement on Tuesday.
Norilsk Nickel paid U.S. $3.5 billion, or 50% of the companyТs 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 companyТs earnings before interest, taxes, depreciation and amortization (EBITDA), or about $4.6 billion.
In March, the companyТs management recommended increasing the dividend ceiling to 50Ц75% of the free cash flow.