https://www.engineeringnews.co.za

Polymetal shares jump 35% on possible Russian assets disposal

20th July 2022

By: Reuters

  

Font size: - +

MOSCOW – Polymetal is considering disposing of its Russian assets in a shift to focus on its operations in Kazakhstan, the gold and silver producer said on Tuesday, sending its London-listed shares up 35%.

London-listed, Russia-focused Polymetal has not been directly targeted by Western sanctions imposed on Moscow after Russia sent troops into Ukraine in February.

But in common with other Russian commodity producers, it has suffered an impact as Western banks and shippers have reduced dealing with Russian companies even if they are not legally bound by sanctions law.

The potential deal would be part of the firm's broader strategy to "de-risk its ongoing operations", the company said in a statement.

Its assets in Kazakhstan produce over 500 000 troy ounces of gold per year with revenue in 2021 of $984-million, Polymetal added. Its 2021 revenue was $2.9-billion.

The miner hopes offloading its Russian assets might shore up Polymetal's footing on global capital markets, allowing it to re-enter equity indices that it was ejected from after February 24, the company said.

The evaluation of the potential deal is ongoing, Polymetal said. It did not explain what the structure of the deal might be.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 1.289s - 140pq - 2rq
Subscribe Now