Polymetal remains committed to pursue re-domiciliation to Kazakhstan
The general meeting to be convened in connection with the re-domiciliation will be held on May 30
MOSCOW, May 22. /TASS/. Polymetal is assessing the impact of its designation by the US and intends to provide an update regarding the ongoing assessment in two weeks, the company said in a statement on Monday. The gold producer remains committed to pursue its re-domiciliation to Kazakhstan, Polymetal added.
"The company remains committed to pursue its re-domiciliation to the AIFC (Astana International Financial Centre - TASS) and further explore opportunities to restore shareholder value, including any separation by jurisdiction of the group’s assets, as soon as practicable, following the re-domiciliation, subject always to compliance with all applicable laws, including sanctions and counter-sanctions," the statement reads.
The general meeting to be convened in connection with the re-domiciliation will be held on May 30. The company said earlier that the re-domiciliation was unanimously recommended by the board and, subject to shareholder approval and satisfaction of certain other conditions, would proceed provided the board could be assured at all times of continuing compliance with all applicable sanctions.
Polymetal and the board continues to work with their legal advisers in order to be able to give that assurance. This recommendation remains unchanged as of now. Subject to continuing sanctions compliance, shareholder approval at the upcoming general meeting and satisfaction of the remaining conditions, the re-domiciliation is expected to proceed as scheduled, the company noted.
"The company and the board take sanctions compliance very seriously and are fully committed to ensure rigorous compliance with all applicable laws and regulations, including U.S. sanctions," the statement said.
On May 19, the US designated JSC Polymetal, the company’s subsidiary in the Russian Federation.
Polymetal is one of the world’s ten largest gold producers and five biggest silver makers. Its assets are located in Russia and Kazakhstan. The company has a portfolio of ten producing gold and silver mines and a pipeline of future growth projects.