November 18, 2019 / 10:25 AM / 23 days ago

Russia's Nornickel proposes reducing dividends in 2023-2025

MOSCOW, Nov 18 (Reuters) - 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.

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)

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