Precious Metal Miner Polymetal Plummets After Scrapping Dividend

Polymetal shares fell 11.5 percent today after the Anglo-Russian precious metals mining company announced it was scrapping the full-year 2021 dividend due to dwindling cash flows and a lack of new sales channels.  It also suggested cancelling the interim 2022 dividends “to allow the Group to strengthen its cash position and enhance its resilience in a highly volatile environment”.  Future dividends will hinge on Polymetal’s capacity to free the 22 percent of blocked shares currently stored by the Russian National Settlement…