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Ian Cockerill and five others quit Russian miner Polymetal's board

An image of Ian Cockerill

Ian Cockerill has resigned as chairperson of Polymetal.

Photo by Creamer Media

7th March 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Russian gold and silver producer Polymetal on Monday announced that six directors, including chairperson Ian Cockerill, had stepped down as board members with immediate effect.

Besides Cockerill, Ollie Oliveira, Tracey Kerr, Italia Boninelli, Victor Flores and Andrea Abt had stepped down, the LSE-listed company reported.

Polymetal’s remaining directors include CEO Vitaly Nesis, Konstanin Yanakov and Giacomo Baizini.

Polymetal last week suspended its 2022 cost and capital expenditure guidance amid the conflict in Ukraine but kept its production forecast of 1.7-million ounces of gold equivalent unchanged. Nesis said last week that the company was “shocked and appalled” by the events going on in Ukraine.

The share price of Russia-exposed miners suffered severe losses in response to Western sanctions for President Vladimir Putin’s invasion of Ukraine. Last week, Polymetal and Evraz lost their spots on the UK’s blue-chip FTSE 100.

Polymetal’s stock plunged from 1 097p on February 23, to 169p a share last week. On Monday, the company jumped to trade at 209p a share.

Newswire Reuters reports that the London Stock Exchange (LSEG) may cancel some trades in Polymetal after price spikes in early trading. The LSEG said it was reviewing trades executed between 08:40 GMT and 09:00 GMT on Monday.

"It is expected that the exchange may enforce cancellation of some of those trades executed and impacted member firms will be notified," LSEG said in a notice to its members.

 

Edited by Creamer Media Reporter

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