Polymetal shareholders approved the sale of Russian business – Kommersant
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Shareholders of the mining company Polymetal Internstional plc, registered in Kazakhstan, approved the sale of Russian assets to the Mangazeya Mining structure – the Mangazeya Plus company. About it reported company press service.
“By the decision, the transaction announced on February 19, 2024 has been approved. The transaction is expected to be completed in the near future,” the statement says.
96.7% of shareholders voted for the sale of Polymetal JSC. Following completion of the transaction, Polymetal Internstional plc will still remain the second largest gold producer in Kazakhstan.
On the conclusion of an agreement on the sale of the Russian business of the company reported February 19. Assets were estimated at $3.69 billion, including $2.21 billion of net debt.
Mangazeya Mining is a Russian precious metals mining company operating in Transbaikalia since 2011.
March 5 Polymetal completed the first tranche of the exchange of shares that were blocked in the National Settlement Depository due to sanctions. The company exchanged shares for new ones with circulation on the Astana International Exchange in Kazakhstan.
The Russian company Polymetal was founded in 1998 and registered on the island of Jersey. However, due to sanctions, in August 2023 the company was re-registered in Kazakhstan. Polymetal mines gold, silver and copper.
Read more about the sale of Russian business to Polymetal in the Kommersant publication “Mangazeya extracted gold from Polymetal”.
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