Norilsk Nickel board of directors approved new dividend targets for payments starting from its 2016 results.
Norilsk’s new dividend policy will see payments of 60 percent of annual EBITDA if its net debt to EBITDA ratio is less than 1.8 and payment of 30 percent of EBITDA if its net debt to EBITDA ratio is more than 2.2.
The minimum dividend payment on its 2016 results will total $1.3 billion plus proceeds from the sale of its stake in the Nkomati nickel mine. The minimum payment on 2017–2021 results will be $1.0 billion per year.
The final dividend for the year ended 31 December 2015 will be paid in