Polymetal confirms potential Kazakhstan asset demerger
Russian precious metals miner Polymetal said on Tuesday that it was evaluating “various options” to maximise shareholder value, including the potential modification of its asset holding structure.
The company, whose share price has been decimated by the global sell-off of Russia-related stocks since Moscow’s invasion of Ukraine, confirmed that it was considering “distinct ownership” in the various jurisdictions in which it operated.
Polymetal’s portfolio comprises nine producing assets and three major development projects across Russia and Kazakhstan, according to its website.
The company’s statement followed media speculation on Monday, which stated that Polymetal may split its Russian and Kazakhstan businesses, each with their own listing, to insulate its international business from the effects of sanctions on Russia.
London-listed Polymetal is not subject to any Western sanctions imposed on Russia.
The miner’s stock has more than doubled in the past five days, trading at 317p a share. However, it is still 75% down, compared with the level it traded at before the Ukraine war.
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