Putin allowed transactions with shares of foreign investors in Polymetal
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President Vladimir Putin signed orderallowing transactions with shares of Polymetal JSC controlled by foreign investors (MOEX: POLY). On February 19, Polymetal announced the sale of its Russian business (JSC Polymetal) to Mangazeya Plus.
According to the order, transactions are also allowed with shares in the authorized capital of Taseevskoye LLC (part of Highland Gold JSC). In March 2023, it became known that the Mangazeya Mining company intends to buy licenses for the development of the Taseevskoye gold deposit in the Trans-Baikal Territory from Highland Gold.
On February 19, Polymetal entered into an agreement to sell the Russian business for $3.69 billion, of which $300 million will be paid in real money. The buyer was Mangazeya Plus JSC, a structure of the Mangazeya Mining company. The deal should be closed by the end of March 2024. As a result, Mangazeya will receive access to the processing of refractory ores, and Polymetal will receive funds for development in Kazakhstan and relief from sanctions risks.
Read more in the Kommersant article. “”Mangazeya” mined gold from ”Polymetal””.
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