Solidcore Resources to cease trading on Moscow Exchange

According to a press release by Solidcore Resources (formerly known as Polymetal), a gold mining company that moved from the British island of Jersey to Kazakhstan last year, has recently gotten approval from the Moscow Exchange (MOEX) to delist its shares. Trading will cease on Oct. 15, 2024.

The delisting from MOEX will not affect Solidcore Resources’ share listing status on the Astana International Exchange (AIX). The company emphasized that AIX remains its primary trading platform, allowing investors to continue executing transactions there. The decision to delist from MOEX was made as part of the company’s broader development strategy and efforts to optimize its presence in financial markets. 

Polymetal initially announced its intentions to move from Jersey to the Astana International Financial Center (AIFC) in fall 2022, ultimately executing the redomiciliation (procedure of changing the jurisdiction) in August 2023. Polymetal has been listed on the AIFC’s Astana International Exchange since Aug. 10, 2023, along with listing on MOEX. In October 2023, it was included in the AIX Qazaq Index.

At the end of September 2023, CEO Vitaly Nesis announced plans to sell Russian assets due to the sanctions imposed on the Russian subsidiary, Polymetal. The transaction was completed in March 2023, with the buyer being Mangazeya Plus, a business structure controlled by Russian businessman Sergey Yanchukov. The asset was valued at $3.69 billion.

The company had earlier revealed its intention to boost its gold production to one million ounces by 2029 and enter the markets of Tajikistan, Uzbekistan, Saudi Arabia and Oman. In January 2024, Omani Maaden International Investment, a subsidiary of a consortium of investors controlled by the state-owned Mercury Investments International, acquired 23.9% of Alexander Nesis’ ICT Holding shares, consequentially becoming the largest shareholder.