The board of directors of Nordgold has approved the payment of dividends for the second and the third quarters of 2016, the company reported on December 12, 2016. The register of shareholders for the receipt of dividends closed on December 15. The dividends will be paid on December 30.

Nordgold will pay USD0.0552 per share and per global depository receipt for the second quarter (a total of USD20.4 million) and USD0.0424 for the third quarter (USD15.7 million).

The change of jurisdiction from the Netherlands to Great Britain required additional internal reorganization for Nordgold. As a consequence, the dividends for the second and the third quarters of 2016 were not announced. The payment of dividends became possible after Nordgold carried out a capital reduction by lowering the nominal value of each ordinary share and canceling the company’s share premium account. Nordgold completed the process in the first part of December.

Nordgold is the former gold mining division of the Russian steelmaker Severstal that was spun off from the main company in January 2012. Nordgold’s principal beneficiary is Alexei Mordashov, who has a 90.73-percent stake in the gold miner. The free float is about nine percent.

Nordgold has nine operating assets in four countries: Russia, Kazakhstan, Guinea, and Burkina Faso, as well as a number of projects at the development and the exploration stages.