MOSCOW — GMK Norilsk Nickel, Russia’s largest miner, plans to link its dividend to its debt and earnings so that payments can change according to market conditions.The company’s management had asked the board to consider the new plan, first deputy CEO Pavel Fedorov said on Monday.Norilsk has a fixed payout ratio, with half of earnings before interest, taxes, depreciation and amortisation (ebitda) offered in annual dividends, or no less than $2bn.Mining firms globally have cut dividends to cope with a slump in commodity prices and reduced profits. Anglo American, Rio Tinto and Vedanta have scrapped shareholder payments after industrial-metal prices fell to a six-year low. Nickel has dropped 36% in the past year, more than any other main contract on the London Metal Exchange."The decision to review the dividend targets amidst, probably, the most challenging market conditions in a decade demonstrates the commitment of our core shareholders to keep Norilsk as one of the highest-yielding...
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