MMC Norilsk Nickel, the largest global nickel and palladium producer, says its board has approved its key production and financial targets for 2014-2018, which have been developed on the basis of its new strategy.

The Russian company said the production and investment targets are based on the development of the its brownfield and higher-margin greenfield upstream projects, with a focus on the “Tier I” assets of Norilsk Nickel’s Polar division, and the completion of the roll-out of the Company’s new investment governance system in 2014.

Norilsk’s board also approved new dividend policy, which the Company believes will provide NN with one of the most attractive dividend yields in the mining industry.

Under this policy, annual dividends in respect of the financial years ending 2013 and 2014 will be calculated as 50% of EBITDA for the relevant year, but in any event not less USD 2.0 billion; the annual dividend payment in respect of the financial year ending 2015, will comprise 50% of EBITDA for 2015 plus the difference between USD 7.0 billion and the sum total of the actual dividend payments in 2014 and 2015 (with a potential deferral in payment of up to 20% of such amount until the following year); and, in respect of financial years after 2015, 50% of EBITDA for the relevant year.

“Additionally, any proceeds received by the company from the disposal of Norilsk Nickel’s non-core assets will be paid out in 2014-2015 as a special dividend in an aggregate amount of up to USD 1.0 billion,” it said.

Norilsk Nickel added that it will seek to provide a comprehensive overview of its new strategy and key development targets at its forthcoming “Unveiling New Strategy” events in London (October 4, 2013) and New York (October 7, 2013).