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. Last Updated: 07/27/2016

Polyus Channels Profit to Dividends

Polyus Gold, the country's largest gold miner, will channel up to 25 percent of its net profits into dividends, the company said in a statement Wednesday.

"In accordance with the approved regulations on the dividend policy, Polyus Gold aims to pay dividends up to 25 percent of the net profit calculated in accordance with the international financial reporting standards (IFRS)," the company said.

Polyus, which was spun off from metals giant Norilsk Nickel last year, has never paid dividends in the past. Many Russian firms have in the past years promised to raise dividend payments to 20 percent to 40 percent of annual profits as they seek to improve corporate governance.

Polyus' net profit rose to $1.04 billion in the first six months of 2006 from $48 million in the same period of 2005.

Polyus also said its board of directors had approved an options plan for executives amounting to 9.5 million of ordinary shares, worth $465 million at current prices.