The shareholders of the Russian coal producer Raspadskaya have approved paying 2.5 rubles per common share in dividends for January-June, the company said in.
The record date was set for October 20.
The company said in March that it could start paying dividends at a net debt/EBITDA (earnings before interest, taxes, depreciation and amortization) ratio of no more than 2. The minimum annual payment will amount to $50 million and will be paid in two tranches worth at least $25 million for the first half of the year and for the entire financial year, Raspadskaya said then.
After a serious accident at one of its mines in 2010, Raspadskaya paid dividends only for January-June 2011 of 5 rubles per share, or a total of 3.9 billion rubles.
Raspadskaya is a part of U.K.-based steel and mining giant Evraz, which operates mainly in Russia. (Prime/Ukrainian metal)