Polymetal to sell Russian business in one piece -CEO
ASTANA - Gold and silver producer Polymetal International plans to sell all of its Russian assets rather than split them up, and will hire an adviser for the deal soon, chief executive Vitaly Nesis said on Thursday.
The United States in May included Polymetal's Russian business and Polyus - the largest gold producers in Russia - on its latest list of sanctions targets, aiming to punish Moscow for its actions in Ukraine.
Polymetal International completed re-domiciling to Kazakhstan from Jersey last month, getting a listing on the Central Asian nation's Astana International Exchange (AIX) and saying it would sell the Russian business within nine months.
"I think that selling the Russian business part by part would definitely destroy much of shareholder value," Nesis said, when asked about the plans in Astana. "So we are not considering the option of selling parts of the business."
Nesis said the new Russian rule requiring investors from "unfriendly" jurisdictions to sell assets at half their market price would not apply to Polymetal thanks to its redomiciliation to Kazakhstan.
He also said Polymetal would not sell the business to an entity on the U.S. sanctions list, which rules out Polyus as a buyer. Nesis declined to name any potential buyers and said talks were yet to start.
"This will not be a fire sale; we must sell this asset for a lot of money," he said.
Comments
Research Reports
Projects
Latest News
Showroom
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
