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 is the 7 year inheritance tax rule and how does it help cut your bill?Speculation is rife chancellor Rachel Reeves has plans to target inheritance tax once again in her upcoming Budget. But the 7 year inheritance tax rule can save you thousands - here’s how it works.
-
HMRC confirms crypto ETN ISA rulesWith crypto ETNs now technically available for UK retail investors, HMRC has confirmed they can be held in an ISA – but there’s a complication
