MOSCOW, February 20 President Vladimir Putin approved transactions with foreign-controlled shares of the Polymetal Joint Stock Company, the corresponding order was published on the portal of legal acts.
““Allow transactions (operations) with shares in the authorized capital of the Taseevskoye limited liability company and shares of the Polymetal joint stock company,” the text notes.
It also explains that this measure is caused by the unfriendly actions of some foreign states and international organizations and is justified by the fifth paragraph of Presidential Decree No. 520 of August 5, 2022.
The day before, Polymetal International announced the conclusion of an agreement to sell all one hundred percent of the shares of Polymetal JSC to the Mangazeya Plus company. Completion of the transaction should occur before the end of March, for this, in particular, the approval of shareholders and regulatory approvals will be required. Polymetal is valued at $3.69 billion, including debt.
Polymetal is a leading gold and silver producer with high-quality assets that do not require significant capital expenditures. The portfolio includes ten production assets and three major development projects. Production this year is expected to be 38 tonnes of gold equivalent. The number of employees is approximately 12 thousand people.
The Mangazeya Mining company agreed with Highland Gold on the purchase of Taseevskoye LLC, which has a license to develop the Taseevskoye gold deposit, with Highland Gold in March last year.