NILSY - Nornickel board recommends no dividend for first time since 2009

2023-04-28 17:05:16 ET

Norilsk Nickel's ( OTC:NILSY ) board has recommended not paying dividends on its 2022 results for the first time in 14 years, but it may consider paying interim dividends, the Russian miner said Friday.

Nornickel ( OTC:NILSY ), the world's biggest producer of palladium and refined nickel, said increased geopolitical risks have hurt its financial results and created new challenges for its operational and sales activities, as well as for the implementation of strategic projects, without directly referring to the war in Ukraine.

The miner noted the "possible increase in sanctions pressure and a drop in prices for a basket of metals due to a global economic slowdown" as other potential risks.

Disagreements over Nornickel's ( OTC:NILSY ) dividends have been the main reason for occasional disputes between the group's two powerful top shareholders, CEO Vladimir Potanin and Russian aluminum producer Rusal.

Potanin has said Western sanctions have forced Nornickel ( OTC:NILSY ) to rework its strategy and build closer ties with countries such as China and Turkey .

For further details see: