Polymetal Needs to Pay Higher Dividend, Billionaire Holder Says

Russian billionaire Alexander Mamut, owner of 10 percent of Polymetal International Plc (POLY), told RBC Daily he wants the gold producer to pay higher dividends.

Polymetal should offer at least $1 a share more as the 20 cents for 2011 wasn’t enough to compensate for a market lacking share price gains, Mamut told the Moscow newspaper.

The company may study paying higher dividends in October, management said in June at an investor day in London according to Deutsche Bank AG. Polymetal is down 23 percent this year.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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