BAKU, Azerbaijan, July 22. Polymetal International plc is considering the possibility to focus primarily on its operations in Kazakhstan, Trend reports citing the company.
The Company has been considering a potential modification of its asset holding structure which would ensure distinct ownership in the various jurisdictions in which the Company operates. The Company added that it is evaluating the potential disposal of the Company’s assets located in the Russian Federation (i.e. the Potential Transaction).
If completed, the Potential Transaction would result in the Company focusing primarily on its operations in Kazakhstan, which currently produce over 500 Koz of gold per year, with revenue in 2021 of $984 million.
The primary objective of the Potential Transaction is to restore shareholder value by seeking to allow the market to appropriately value the Company’s Kazakh assets and de-risk its ongoing operations. The Company believes that the Potential Transaction would also increase the likelihood of the Company’s ability to re-enter all the relevant equity and sustainability indices and regain a significantly wider institutional audience. However, the evaluation of the Potential Transaction is ongoing and there can be no certainty that the Company will proceed with the Potential Transaction.
In order to evaluate the Potential Transaction, a Special Committee of the Board (the Committee) has been set up in accordance with the Company’s Articles of Association, comprising the Independent Non-Executive Directors of the Company.
The Committee will review the Potential Transaction, acting at all times in the best interests of the Company, its shareholders and other stakeholders.
Polymetal International plc (together with its subsidiaries — “Polymetal”, the “Company”, or the “Group”) is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan.
