The board of directors of the Kazakhstan-based gold mining company Polymetal Int recommended its shareholders not pay dividends for 2023 and change the company’s name to Solidcore Resources plc.
“The sale of the Russian business led to a significant reduction in Polymetal’s debt burden and an increase in liquidity. However, the company needs to invest more than $1 billion in the medium term in projects in Kazakhstan and Central Asia,” Polymetal said in a statement.
“The geopolitical and macroeconomic environment remains challenging and access to key sources of debt financing has not yet been restored. In this regard, the board of directors recommends to pay no dividends for the year ended December 31, 2023,” the company added.
After the sale of a Russian business that was under OFAC sanctions and retained the name JSC Polymetal, the Polymetal Int company considers it necessary to change its name, choosing a new one - Solidcore Resources plc. Polymetal Int has been registered in Kazakhstan since August 2023, and in March it sold assets in the Russian Federation.
Theodor Lisovoy, Editor in Chief, Rough&Polished
