Polymetal wants to sell its Russian assets

The company is going to focus on its assets in Kazakhstan

Polymetal Group, an Anglo-Russian precious mining company, is weighing the idea of selling its assets in Russia. The company wants to focus on projects in Kazakhstan, according to the company’s press release on the official website.

The company has officially confirmed that it “has been considering a potential modification of its asset holding structure which would ensure distinct ownership in the various jurisdictions in which the company operates. The company announced that it is evaluating the potential disposal of the company’s assets located in the Russian Federation.”

“If completed, the potential transaction would result in the company focusing primarily on its operations in Kazakhstan, which currently produce over 500 Koz of gold per year, with revenue in 2021 of $984 million,” the company said.

However, before any actual steps, the group must get consent from shareholders.

“The committee is acting in the interests of all of the Company’s shareholders with the ultimate goal of unlocking the Company’s value by removing its exposure to the Russian Assets,” said Paul J. Ostling, independent non-executive director and chair of the committee.

The company confirms that the potential transaction will be compliant with all applicable international sanctions and regulatory requirements, including shareholder approval.

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