Top diamond miner allocates its entire free cash flow on dividends for H1 2021
(Kitco News) - Russian mining company ALROSA, a global leader in diamond production, today reported that at the meeting held on 26 August, its Board recommended allocating dividends for H1 2021 in the amount of RUB 64.7 billion (~$0.9 billion), or RUB 8.79 per share, which is equal to 100% of the company's free cash flow for H1 2021.
"A sustainable year-to-date recovery in demand for diamonds and diamond jewelry translated into a quick improvement in our financials performance and profitability. Our financial health enables us to allocate the company's entire free cash flow of RUB 64.7 billion on dividends for H1 2021. If the shareholders approve the dividend recommendation, the total cash payments in 2021 will reach as high as RUB 135 billion, which exceeds the total dividends paid for 2018 and 2019," said CEO Sergey Ivanov.
ALROSA is the leader of the world diamond mining industry, a Russian partially state-owned diamond mining company. ALROSA operates across nine countries and ten regions of Russia.