Polymetal International plans to sell its Russian business to JSC Mangazeya Plus for approximately $3.69 billion, involving 100% of JSC Polymetal’s share capital. The deal, pending regulatory approvals and shareholder consent, aims to focus on operations in Kazakhstan, potentially enhancing asset valuations and reducing risks and debts. The U.S. Department of the Treasury has assured Polymetal that non-U.S. persons participating in the transaction won’t face sanctions. The transaction is anticipated to conclude by March 2024, with Polymetal CEO Vitaly Nesis emphasizing the move’s benefits for shareholder value and risk reduction, alongside the opportunity for new investments. Polymetal had previously increased its stake in Kazakhstan’s Baksy property to 75% in July, with the remaining 25% owned by JSC Kazgeology.
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