The board of directors of Russia’s gold producer GV Gold has approved payment of 1.9 billion rubles in dividends for January-September, the company said in a statement on December 14.

The shareholders will consider the recommendation at an extraordinary general meeting scheduled for December 28.

In April, GV Gold approved a new dividend policy, under which it would calculate dividends on the basis of earnings before interest, taxes, depreciation, and amortization (EBITDA). The company will pay 30% of EBITDA in dividends if net debt/EBITDA ratio is below 2.5, up to 20% of EBITDA if net debt/EBITDA ratio is 2.5–4.0, and will not pay any dividends if the ratio is over 4.0.

The company has already paid 1.02 billion rubles, or 18.551942 rubles per share, in dividends for January-June.

Board members Sergei Dokuchayev, Valerian Tikhonov, and Natalya Opaleva each hold 20.36% in the company. (Prime/Ukrainian metal)

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