FTSE 100 miner Polymetal said it was giving 191m dollars back to shareholders after solid financial results.
The firm said that "having considered the performance of the group during the year to date, available free cash flows and future investment requirements", it would pay special dividend of $0.50 per ordinary share on 21st January.
The move follows a change in divined policy in October, which now states regular dividends should represent 30% of the company's net earnings provided that net debt / adjusted EBITDA is below 1.75.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Vitaly Nesis said the declaration of the first special dividend in the company's history reaffirmed the group's commitment to capital discipline and was also a result of solid operating and financial results.
"The implementation of our new dividend policy reflects the importance we place on delivering meaningful cash returns to our shareholders and sustainable value creation," he said.
The shares go ex-dividend on 12th December and there is an option for shareholders to elect to receive the dividend in pounds sterling.
-
What the EU’s new Entry/Exit System means for your holidayBrits are facing longer waits at EU borders and are being urged to be ready to show insurance documents. How does the new Entry/Exit System work?
-
NHS pensioners rush to use retire-and-return scheme – how it worksThe scheme to keep experienced staff from leaving the health service has been a success with a 300% rise in the number of people retiring and then returning to the NHS
