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Russia's Polymetal scraps special dividend

Reuters - UK Focus

MOSCOW, Dec 5 (Reuters) - Russian precious metals miner Polymetal will not pay a special dividend this year due to negative commodity market conditions, the firm said in a statement on Thursday.

In January, London-listed Polymetal International Plc (Other OTC: POYYF - news) said it could make the special payout given upbeat output guidance.

"Given the current trends in the gold and silver market, the board has rightfully taken a conservative approach in order to preserve the current balance sheet strength of the Company," Chief Executive Vitaly Nesis said.