News and Press-releases

GV Gold has budgeted the record-breaking dividends in 2017

GV Gold (Vysochaishy, PJSC), together with its subsidiaries (“GV Gold”, “Vysochaishy” or the “Company”), one of the largest and fastest growing gold producers in Russia, announces the results of a meeting of its Board of Directors.

On 14 May 2018, the Board of Directors of GV Gold (Vysochaishy, PJSC) held a meeting to review matters related to the convening of the Annual General Meeting of Shareholders (“AGM”).

The Board of Directors took the decision to convene the AGM of GV Gold (Vysochaishy, PJSC), and for it to take place in Moscow on 25 June 2018.

The agenda for the AGM shall include the items of selecting the new members of the Board of Directors and the Revision Commission, approving the Company’s auditor, annual report and annual financial accounts, as well as the amount of dividends to be paid out on the basis of the result of 2017.

In line with the Company’s new dividend policy, the Board of Directors has recommended the AGM to approve payment of dividends for 2017 in the amount of RUB 40.6973 per ordinary share totaling RUB 2,237.7 million, which equates to 30% of adjusted EBITDA, based on the Company’s consolidated IFRS financial statements. Taking into account the dividends already paid to shareholders for the first 6 months of 2017 in the amount of RUB 12.731 per share (or RUB 700 million in total), it is envisioned that shareholders will be paid RUB 27.9663 per ordinary share (or RUB 1,537.7 million in total).

In addition, the Board of Directors has recommended to include the list of candidates to the Board of Directors to be voted upon by the AGM to include the following three independent directors: Nikolay Vyacheslavovich Gavrilov, Elizabeth Ann Kirkwood and Anthony James Nieuwenhuys.

Company Profile

GV Gold (Vysochaishy, PJSC) is one of largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2017, the Company produced 225 koz of gold, becoming the 7th largest gold miner in Russia. In 2018, the Company expects to produce 280-300 koz.

Its key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 moz and 7.0 moz, respectively.

The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).

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