Polymetal considers re-registration from Jersey to Kazakhstan
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The revenue of Polymetal Int (assets of JSC Polymetal) decreased by 3% in 2022, to $2.8 billion. The company is considering Kazakhstan as a country for re-registration of business from the British offshore on the island of Jersey.
According to reporting, Polymetal increased gold production by 2% to 1.45 million ounces, silver – by 3% to 21 million ounces. The company’s production in terms of gold equivalent for the year increased by 2% to 1.712 million ounces. Against the background of the publication of financial statements, the company’s shares on Moscow Exchange grew by 2.19%, up to 437.4 rubles. for paper. As of 10:05 a.m., the share price slowed down to 0.96%, to 429.5 rubles. for paper.
“Based on initial analysis, the company believes that redomiciliation (moving a company from one jurisdiction to another without having to close it.— “b”) to the Astana International Financial Center (AIFC), the financial center in Astana, is the preferred jurisdiction, taking into account the group’s operations and presence in the region, the AIFC legal system, the tax regime,” the press release says.
Polymetal owns 10 gold and silver deposits and is one of the top 10 gold mining companies in the world. In Kazakhstan, Polymetal bought the Varvarinskoye and Kyzyl deposits. The company’s shares are traded on the London and Moscow Stock Exchanges, as well as on the AIFC Astana Exchange.
Polymetal announced back in November that it had abandoned the idea of selling Russian assets. Instead, the company is considering splitting the business, part of which will be located in Russia and the other in Kazakhstan. Plans have changed due to the improvement in the sales situation.
Details – in the material “Kommersant” “Polymetal does not sell Russian assets”.
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