Giant company of gold market intends to reorient its business from Russia to Kazakhstan

Polymetal is considering the option of selling its Russian assets.
Фото: 20.07.2022 278

One of the largest gold mining companies in the world Polymetal is considering the possibility of selling Russian assets and developing business in Kazakhstan, reports with reference to Kommersant.

The company's management believes that the sale of Russian assets will allow to achieve a rise in price of Kazakhstani assets. This, in turn, will contribute to the restoration of the company's full operation in the stock market and attract large investors.

"The planning of the transaction has significantly advanced since the initial announcement of such a possibility almost four months ago," Polymetal's management noted.

The company is registered in the UK. In Kazakhstan, it is developing the Kyzyl field in east Kazakhstan region and Varvarinskoye field in Kostanay region. The Kazakhstan segment of production provides a third of Polymetal's income, among the buyers of bullion of its production is the National Bank of Kazakhstan.

The company and its shareholders were not subject to sanctions, but restrictions interfere with the supply of concentrate from Russia to the European Union. In addition, anti-Russian restrictions affected sales of Polymetal, which, for example, now does not sell bullions to the Russian Central Bank.