Polymetal hands out first ever special dividend

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.

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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.