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Norilsk Nickel's board proposes to slash 2015 dividend by 65.7%

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Norilsk Nickel's board proposes to slash 2015 dividend by 65.7%

The board of PJSC MMC Norilsk Nickel proposed a dividend payment of230.14 Russian rubles per common share for its fiscal year 2015, a drop ofabout 65.7% from the dividend of 670.04 rubles per ordinary share for fiscal year 2014.

According to an April 28 company statement, the board hasalso proposed to set the dividend record date on June 21.

Once approved during Norilsk Nickel's upcoming annual generalmeeting, the total dividend distribution will amount to about US$548 million.

Meanwhile, the company said its board approved theacquisition of US$250.5 million-worth of Belfund Investment Ltd. shares througha three-year financing program as a form of support for the Olympic ski resortRosa Khutor. Norilsk Nickel's directors also recently approved the proposal tosell off a 0.79%stake in the company to Cyprus-based Crispian Investments Ltd. for US$158 million.

As of April 27, US$1was equivalent to 65.89 Russian rubles.