3rd Dec 2015 07:57
LONDON (Alliance News) - Polymetal International PLC Thursday said it will pay a special dividend for the 2015 financial year and has decided to proceed with the construction and development of the Kyzyl gold project in Kazakhstan.
The FTSE 250-listed miner will pay a special dividend of 30.0 cents for the year to end December 31, pushing the total dividend for the year to 38.0 cents per share. In total, the special dividend will cost the company USD127.0 million with the total dividend coming in at USD161.0 million.
Currently, the total 38.0 cent dividend for 2015 is still down from the 41.0 cents paid in 2014, but the final dividend for the current year could still rise.
Polymetal dividends have shot up and down since 2011, ranging from a low of 9.0 cents per share in 2013 to that high in 2014.
It is the third special dividend to be paid by Polymetal, with a 50.0 cent special dividend paid back in December 2012 and another 20.0 cent dividend in January 2014.
The miner said it was paying the special dividend after considering the performance of the company in 2015, the free cashflows available and its future investment requirements.
"A substantial special dividend for 2015 underscores Polymetal's ability to generate cash and return it to shareholders through the commodity cycle while pursuing high-quality development projects such as Kyzyl", said Vitaly Nesis, the company's chief executive.
Polymetal has also decided to go ahead with the plan to construct and develop the Kyzyl gold mine in Kazakhstan after reviewing the pre-feasibility study conducted by Roscoe Postle Associates Inc - but did not provide any other details.
By Joshua Warner; [email protected]; @JoshAlliance
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