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UPDATE 1-Russia's Norilsk to raise 2013 dividend by 17 pct
April 25, 2014 / 11:11 AM / in 4 years

UPDATE 1-Russia's Norilsk to raise 2013 dividend by 17 pct

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MOSCOW, April 25 (Reuters) - Russia’s Norilsk Nickel , the world’s largest nickel and palladium miner, plans to increase its 2013 dividend payment by 17 percent year-on-year, the company said on Friday.

Norilsk’s dividend target for 2013-14 states that the company, part owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, pays not less than $2 billion per year.

Its board has recommended a dividend payment of 248.48 roubles ($6.95) per share for the fourth quarter of 2013, Norilsk said in a statement. The dividend record date was set on June 17.

Together with the 220.70 roubles per share paid for January-September 2013, its full-year dividend should reach 469.18 roubles per share, up from 400.83 roubles per share in 2012. The total 2013 payment should reach around $2.1 billion, according to Reuters’ calculations.

Norilsk’s dividend payment is a big source of financial support for the loss-making and indebted Rusal.

$1 = 35.7535 Russian Roubles Reporting by Polina Devitt; Editing by Mark Potter

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