GMK Noril'skiy nikel' OAO Cuts Fiscal 2013 Dividend Target - Reuters
Reuters reported that GMK Noril'skiy nikel' OAO, has lowered its dividend target for 2013-14, its co-owner, aluminium Rusal said on October 01, 2013, as oversupply in its key market hurts prices. Norilsk, which paid $1.9 billion in dividends for 2012, was expected to pay at least $3 billion for 2013 and 2014 until in September its co-owner Vladimir Potanin warned it would have to change its dividend policy due to falling prices. Rusal said on October 01, 2013 that it and Potanin had agreed Norilsk would now pay 2013 and 2014 dividends of not less than $2 billion per year. The annual payment is expected to be equal to 50% of its earnings before interest, taxation, depreciation and amortisation (EBITDA).
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