The Polymetal holding company expects to find a buyer for enterprises operating in Russia by the end of the first quarter of 2024, TASS reports with a reference to the group’s CEO Vitaly Nesis.
Polymetal's plan to sell Russian assets emerged after the company was included in the US sanctions list. In order to eliminate risks associated with restrictions, the holding company re-registered from Jersey Island to Kazakhstan.
According to Nesis, Polymetal decided not to consider Russian companies that are more or less under sanctions from Western countries as buyers for its assets.
The head of the company noted that there is already a potential buyer from the Russian Federation for its Russian assets, but did not name a specific entity.
In 2023, the company produced 1,714,000 ounces of gold equivalent, including 1,228,000 ounces at its Russian mines. Sales over the past year amounted to 3,025,000 ounces of gold equivalent.
Alex Shishlo for Rough&Polished
