Polymetal to sell Russian unit for $3.7bn

19th February 2024 By: Bloomberg

Polymetal to sell Russian unit for $3.7bn

Gold miner Polymetal International will sell its sanctioned Russian unit in a deal worth a total of nearly $3.7-billion, the Kazakhstan-registered firm said in a statement.

The business will be sold to Russian firm Mangazeya Plus with completion marked for end-March, Polymetal said. The sale was backed by the Omani government-owned fund that became a major Polymetal shareholder in January.

Polymetal, which also has assets in Kazakhstan, re-domiciled from Jersey to the Kazakh capital, Astana last year.

The disposal of the Russian unit, which was added to the US sanctions list in May last year, was a condition for being listed in Kazakhstan, Polymetal’s CEO Vitaly Nesis said earlier this year.