Polymetal to postpone dividend decision, weighed by sanctions on Russia (OTCMKTS: POYYF)

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Russia’s Polymetal International (OTCPK: POYYF) (OTCPK: AUCOY) said Wednesday it is withdrawing the 2021 final dividend due to the “significant changes in operating conditions” from the war in Ukraine, and will postpone the decision on the dividend payment to August 2022.

The Russian gold and silver producer previously had proposed a final dividend of $ 0.52 / share, or $ 246M in total.

Polymetal itself has not been targeted by Western sanctions, but it said sanctions on Russian banks and the economy had created uncertainty over the availability of funds and had raised the costs of funding, while the liquidity crunch and supply chain limitations caused higher working capital needs.

While export opportunities to Europe and the US have dropped, Polymetal has said Russian retail customers have been buying precious metals.

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