October 21, 2014 / 7:59 AM / in 6 years

Russia's Norilsk to add over $400 mln from asset sales to dividend -RIA

MOSCOW, Oct 21 (Reuters) - Russia’s Norilsk Nickel , the world’s largest nickel and palladium miner, plans to add more than $400 million from asset sales to its interim 2014 dividend, its deputy CEO said on Tuesday, according to RIA Novosti news agency.

Norilsk has embarked on a strategy of selling non-core assets to focus only on large, low-cost production projects.

The company, in which the firms of Russian billionaires Vladimir Potanin, Oleg Deripaska and Roman Abramovich have stakes, has vowed to return $2 billion a year to shareholders in 2013 and 2014.

The interim dividend for 2014 will include 50 percent of the company’s pretax profit (EBITDA) as well as more than $400 million from asset sales, Russian state news agency RIA Novosti quoted Norilsk first deputy CEO Pavel Fyodorov as saying.

Norilsk has promised to pay out at least $1 billion in dividends from selling assets it deemed non-core.

Norilsk’s dividend payment is a big source of financial support for the indebted aluminium giant Rusal, controlled by Deripaska. (Reporting by Andrey Kuzin; editing by David Clarke)

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