Employee at the smelter at the Balkhash Complex

Dividends

The Group’s dividend policy, established at the time of Listing, is for the Board to consider the cash generation and financing requirements of the business and then to recommend a suitable dividend. This maintains flexibility which is appropriate given the underlying cyclicality of a commodity business. The Group has a strong record of payments to shareholders, with returns of $2,095 million in ordinary dividends, buy-backs and special dividends since its Listing in 2005.

Whilst the outlook for the Group’s financial position is positive, given the ramp up of Bozshakol and Aktogay and with net debt to EBITDA expected to fall rapidly, the Group has invested heavily in the projects and it is our near-term priority to continue to reduce our gearing metrics. Accordingly, the Board did not recommend a dividend in respect of the 2016 financial year, although it is the Board’s intention that the Group resumes dividend payments in the future.

Dividends since 2005

The Group has declared and paid the following dividends since 2005:

Declared and Paid
USc/
share

($m)

2005

Full year dividend paid in May 2006 in respect of 2005 earnings ($171m)

36.0

2006

Interim dividend paid in October 2006 in respect of 2006 earnings ($60m)

12.8

Final dividend paid in May 2007 in respect of 2006 earnings ($120m)

25.7

2007

Interim dividend paid in October 2007 in respect of 2007 earnings ($64m)

13.6

Special dividend paid in October 2007 ($235m)

50.0

2008

Final dividend paid in May 2008 in respect of 2007 earnings ($125m)

27.4

Interim dividend paid in October 2008 in respect of 2008 earnings ($75m)

14.0

2009

Final dividend paid in May 2010 in respect of 2009 earnings ($48m)

9.0

2010
Interim dividend paid in October 2010 in respect 2010 earnings ($32m) 6.0
Final dividend paid in May 2011 in respect of 2010 earnings ($86m) 16.0
2011
Interim dividend paid in October 2011 in respect of 2011 earnings ($43m) 8.0
Final dividend paid in May 2012 in respect of 2011 earnings ($106m) 20.0
2012
Interim dividend paid in October 2012 in respect of 2012 earnings ($16m) 3.0
Final dividend to be paid in May 2013 in respect of 2012 earnings ($42m) 8.0

 

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