Polymetal International’s CEO, Vitaly Nesis, has expressed the possibility of reviving the company’s London listing once its sanctioned Russian unit has been sold. Polymetal, a gold miner that derives approximately 70% of its sales from Russia and the remaining from Kazakhstan, recently re-domiciled from Jersey to Astana as a preliminary step towards spinning off its Russian business in compliance with Moscow’s restrictions. This move, however, made it impossible to maintain its London listing. Nevertheless, the Russian unit was put up for sale after being included in a US sanctions list in May. Once the sale is finalized, Polymetal will reconsider listing alternatives.
Nesis revealed that there has been significant interest in the Russian business from over ten potential buyers, including investors from China who are willing to take on sanctions risks. At present, the two parts of the company operate as separate entities, with independent funding and management decisions. Nesis, as the CEO, receives periodic reports on the activities of the Russian unit. While sales in Russia were temporarily halted due to sanctions, they have now resumed.
Due to restrictions on developing Russian assets, Polymetal is exploring alternative options. Nesis mentioned that they are evaluating opportunities in Uzbekistan and Kyrgyzstan, considering potential acquisitions in those regions.
Regarding the company’s future listing, Nesis stated that once the Russian assets are divested, they may consider a London listing over Dubai or Abu Dhabi. This decision reflects their strategic considerations and aligns with their future plans.
