October 7, 2016 / 9:36 AM / 10 months ago

Russia's Polyus says board approves new dividend policy, upgrades guidance

MOSCOW, Oct 7 (Reuters) - Russian gold producer Polyus upgraded its output guidance on Friday and said its board had approved a new dividend policy which envisages paying out 30 percent of its EBITDA twice a year.

Dividend payments will be made provided that Polyus' net debt to adjusted EBITDA ratio for the last 12 months is lower than 2.5, the company said in a statement.

Polyus said it now expected its total gold output in 2016 to be in the range of 1.87-1.90 million ounces and that it anticipated commissioning of the Natalka project by the end of next year. (Reporting by Alexander Winning and Diana Asonova; Editing by Maria Kiselyova)

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