Russia's Nornickel proposes reducing dividends in 2023-2025

Credit: REUTERS/SERGEI KARPUKHIN

Russian mining giant Norilsk Nickel has proposed reducing dividend payments during a plan to increase investment in output-boosting projects after 2022, Vice President Sergey Dubovitsky said.

MOSCOW, Nov 18 (Reuters) - Russian mining giant Norilsk Nickel GMKN.MM has proposed reducing dividend payments during a plan to increase investment in output-boosting projects after 2022, Vice President Sergey Dubovitsky said.

Nornickel, a major nickel and palladium producer, also said it believes dividends should be lowered in 2023-2025, the company said in a separate statement on Monday.

Nornickel is investing heavily in increasing output, with annual capital expenditure expected to peak at $3.5-4 billion a year between 2022 and 2025, a company presentation showed.

(Reporting by Anastasia Lyrchikova; writing by Polina Ivanova and Polina Devitt; Editing by)

((Polina.Devitt@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: polina.devitt.reuters.com@reuters.net))

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