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Russia's Polymetal board recommends no div for 2007

Tue May 13, 2008 2:38am EDT

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MOSCOW, May 13 (Reuters) - The board of Russia's top silver miner, Polymetal (PMTLq.L), has recommended not paying a dividend for 2007, the company said in a statement on Tuesday.

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St Petersburg-based Polymetal did not pay any dividend for 2006. It produced 242,000 ounces of gold in 2007, making it Russia's third-largest producer, and 15.9 million ounces of silver.

Polymetal is controlled by Nafta Moskva, an investment company owned by parliament member Suleiman Kerimov, Russia's eighth-richest man, according to Forbes magazine. (Reporting by Aleksandras Budrys; Editing by Andrew Callus)

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