Russia's top gold miner to pay no dividend for 2008

The board of directors of Russia's top gold miner, Polyus Gold, co-owned by billionaires Mikhail Prokhorov, and Suleiman Kerimov, recommended Monday that the company pay no dividend for 2008, Polyus said in disclosure documents, Reuters reports.

Polyus paid about $24 million in dividends out of its full-year 2007 profit of $47 million. In February, the company said its board had instructed management to explore the possibility of buying back shares worth up to $250 million.

Polyus was the last company under the joint ownership of Vladimir Potanin and Mikhail Prokhorov, former business partners who announced more than two years ago they were splitting their varied assets in mining and finance.

Kerimov acquired 20 percent of Polyus from Potanin in a deal that signaled the completion of the asset split.

Polyus, which mines a quarter of Russia's gold output, said last month it was postponing the launch of its Natalka gold mine at full capacity by nine years because of the negative situation in debt markets.