Polymetal could return to paying dividends for 2023 - CEO

MOSCOW. Oct 31 (Interfax) - Polymetal could return to paying dividends based on the results of 2023, company head Vitaly Nesis said during a conference call.

Polymetal previously said that payment was possible by the end of this year. However, Nesis noted, the decision on dividends will depend on progress in the sale of Russian assets.

"The process is not proceeding as fast as we had hoped. We also see that the Russian government is introducing new currency control mechanisms, which puts additional restrictions on the potential structure of the deal and its execution," Nesis said. - Nevertheless, we continue to move forward, negotiating with several interested parties."

Under an agreement with the Astana International Financial Center (AIFC), where Polymetal redomiciled from Jersey in August, the deal to sell the Russian assets should preferably be documented in Q1 2024. The board, Polymetal, as usual, will discuss annual dividends in March, together with IFRS reporting.

The last time Polymetal paid dividends was for H1 2021 at $0.45 per share totaling $213 million.

Polymetal is Russia's biggest silver miner and one of the biggest gold miners. It has operations in Russia's Magadan and Sverdlovsk Regions, the Khabarovsk Territory, Yakutia, Chukotka, and in Kazakhstan. Polymetal's largest shareholder is ICT Group owned by Alexander Nesis and associates with a stake of around 24%.