- Write by:
-
Monday, June 5, 2023 - 19:34:44
-
197 Visit
-
Print
Mining News Pro - Gold and silver producer Polymetal International is considering divesting its Russian operations and senior managers have resigned from Russia-related duties after the imposition of US sanctions, the company said on Monday.
Washington last month included Polymetal’s Russian business and Polyus – the largest gold producers in Russia – on its latest list of sanctions targets, aiming to punish Russia for its invasion of Ukraine.
“In light of recent developments, and in the interests of preserving shareholder value, the board and the special committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries,” Polymetal International said in a statement.
JSC Polymetal is the holding company for the group’s Russian assets, which accounted for about two thirds of group revenue in 2022.
“Vitaly Nesis, CEO, and Maxim Nazimok, CFO, have resigned from all executive positions with, and terminated their employment at, JSC Polymetal and its subsidiaries,” Polymetal said.
Nesis and Nazimok will retain their positions with Polymetal International to continue to focus on its Kazakhstan assets as well as plans to re-domicile from Jersey to Kazakhstan and shift its primary listing from London to Astana.
Polymetal said it was ring-fencing its Russian subsidiaries to ensure sanctions compliance.
“All service agreements between (Polymetal International) and its non-Russian subsidiaries, and JSC Polymetal and its subsidiaries, have been terminated,” the company said.
Short Link:
https://www.miningnews.ir/En/News/623014
![Zimbabwe may sell 40% stake in a key gold mine to raise capital](/Incsys/Photo.aspx?image=/Uploads/News/20240723142307013.jpg&width=236&height=180)
Zimbabwe’s state-owned Kuvimba Mining House is broadening its search for equity partners and financiers for its gold and ...
![Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia](/Incsys/Photo.aspx?image=/Uploads/News/20240723134144288.jpg&width=236&height=180)
Santacruz Silver Mining said on Tuesday that an employee at the Tres Amigos mine in Bolivia died after a small group of ...
![Zijin Mining to take 9.9% stake in Montage Gold](/Incsys/Photo.aspx?image=/Uploads/News/20240723133352629.jpeg&width=236&height=180)
Canadian miner Montage Gold on Tuesday said Chinese mining firm Zijin Mining Group would take a 9.9% strategic stake in ...
![Barrick’s quarterly gold and copper output edges higher](/Incsys/Photo.aspx?image=/Uploads/News/20240723132357352.jpeg&width=236&height=180)
Canadian miner Barrick Gold’s second-quarter gold output edged up by almost 0.9% from the previous three months, helped ...
![Uganda is latest African nation eying gold as currency shield](/Incsys/Photo.aspx?image=/Uploads/News/20240721171313065.jpeg&width=236&height=180)
Uganda plans domestic gold purchases to build foreign exchange reserves and limit risks on reserve investments, becoming ...
![Mexico mining investment seen stable at $5 billion in 2024](/Incsys/Photo.aspx?image=/Uploads/News/20240721154501909.jpeg&width=236&height=180)
Mining investment in Mexico should remain largely stable in 2024 compared to last year at around $5 billion but new ...
![IRH mining dealmaker met with Congo gold smugglers, UN says](/Incsys/Photo.aspx?image=/Uploads/News/20240721154015640.jpeg&width=236&height=180)
A businessman who has been leading a push into mining by Abu Dhabi’s largest listed company has been cited for having ...
![Global gold ETFs saw second month of inflows in June, says WGC](/Incsys/Photo.aspx?image=/Uploads/News/20240719185723536.jpg&width=236&height=180)
Global physically backed gold exchange traded funds (ETFs) saw the second consecutive month of inflows in June due to ...
![Conflict in Congo threatens trade in key metals, UN experts say](/Incsys/Photo.aspx?image=/Uploads/News/20240719185451534.jpg&width=236&height=180)
Companies buying metal sourced from central Africa could be exposing themselves to United Nations sanctions for ...
No comments have been posted yet ...