The change would occur in line with the relocation of Polymetal’s domicile from Jersey to the Central Asian nation, with the company looking to carve out its Russian business given the
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Polymetal, not long ago known as one of the most profitable gold miners in the world, previously said that it was looking for a potential re-domiciliation to a jurisdiction that
As things stand,
“This would allow for the restoration of shareholder value, because the Kazakh business would re-emerge without being under the shadow of sanctions,” Polymetal chief executive
The redomiciling could be completed in 3Q23, allowing for the split to occur potentially in 1Q24, he added.
The structure following a split would also allow shareholders in the Russian mines to obtain their normal dividends, which are currently blocked. The Kazakh entity would become subject to the Astana International Finance Centre (AIFC) tax regime. The current group structure has the main holding company incorporated in
Polymetal last year produced 1.7mn ounces of gold equivalent, up 2% y/y, and in line with original production guidance of 1.7 Moz. The miner has forecast similar production levels this year.
The company said on
Polymetal added that revenue for 2022 amounted to
The EU’s ninth sanctions package, adopted in December, bans new investment in the Russian mining sector.
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