Polyus Gold changing dividend policy, could pay 6.08 cents a share for 2014
MOSCOW. April 10. (Interfax) - Polyus Gold International Limited (PGIL), the controlling shareholder in No. 1 Russian gold miner Polyus Gold , is changing its dividend policy and now intends to pay shareholders 30% of adjusted net profit, the company said in a statement.
In keeping with the new policy, the board of directors is recommending a 2014 dividend of 6.08 cents a share or $184.5 million in total.
The policy was previously to pay 20% of net profit before adjustment.
The 2014 dividends will be put to the vote at the annual shareholders meeting on May 15. The record date for dividends is May 29 and that for attending the meeting is May 15.
PGIL did not pay a regular dividend for 2013, but it did pay a special dividend of $500 million at 16.49 cents a share at the end of 2014, made possible by a strong financial performance and liquidity position, the company said at the time.
Polyus Gold has 3,032,149,962 issued ordinary shares. The largest shareholders are the Suleyman Kerimov Foundation with 40.22%, and companies controlled by Gavriil Yushvayev (19.28%) and Oleg Mkrtchyan (18.5%); the free float is 22%.
Polyus Gold mines hard rock and alluvial deposits in the Krasnoyarsk territory, the Irkutsk, Magadan and Amur regions and in Yakutia. The company increased gold production by 3% to 1.696 million ounces in 2014.
The company had net losses of $182 million from continuing operations in 2014, compared with profit the year previously. Adjusted net profit rose 9% to $615 million and earnings before taxes, depreciation and amortization (EBITDA) grew 11% to $1.011 billion.