• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 13 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 53 mins ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 5 hours Wind droughts
  • 5 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 23 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 3 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 hours Australian power prices go insane
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 hours Europeans and Americans are beginning to see the results of depending on renewables.

Precious Metal Miner Polymetal Plummets After Scrapping Dividend

Polymetal shares fell 11.5 percent today after the Anglo-Russian precious metals mining company announced it was scrapping the full-year 2021 dividend due to dwindling cash flows and a lack of new sales channels. 

It also suggested cancelling the interim 2022 dividends “to allow the Group to strengthen its cash position and enhance its resilience in a highly volatile environment”. 

Future dividends will hinge on Polymetal’s capacity to free the 22 percent of blocked shares currently stored by the Russian National Settlement Depository (NSD), which was hit by EU sanctions earlier this year.

Polymetal has proposed an exchange offer to shareholders affected by the sanction bite on the NSD, whereby certificated shares are issued on a one-for-one basis.

However, the offer is subject to shareholder approval at a General Meeting on 12 October in London.

Since Russian President Vladimir Putin sent troops into Ukraine in February, Western sanctions have not directly targeted the mining company, which is 24 percent owned by Russian entrepreneur Alexander Nesis. 

Polymetal nevertheless faces a liquidity crisis and, out of necessity, is turning to the Central bank of Russia, meaning they receive roubles rather than US dollars.

By CityAM

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News