Polymetal considers divestment of Russian business
Vitaly Nesis has resigned from all executive positions with JSC Polymetal and its subsidiaries. He will retain his position with Polymetal International.
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.
Comments
Research Reports
Latest Multimedia
Latest News
Showroom
BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
