MOSCOW, June 5. /TASS/. All key top managers of Polymetal have resigned from their executive positions in the Russian division of Polymetal in connection with sanctions against the Russian group, the company announced on Monday.

Vitaly Nesis, CEO of Polymetal, Maxim Nazimok, Chief Financial Officer, and Pavel Danilin, Group Vice President for Strategic Development, resigned from their executive positions in JSC Polymetal and its subsidiaries.

"Both Vitaly Nesis and Maxim Nazimok retain their current positions with the Company and will continue to focus on the operations of the Group’s assets located in Kazakhstan, as well as the re-domiciliation of the Company to the Astana International Financial Centre ("AIFC") in Kazakhstan as announced on 10 May 2023, and potential separation of the Group’s assets by jurisdiction, as soon as practicable following the re-domiciliation and in full compliance with all applicable sanctions. Pavel Danilin, the Group’s Executive Vice President for Strategic Development, has resigned from the Company and JSC Polymetal and its subsidiaries and terminated his employment with the Group to pursue other opportunities," according to the statement.

It is noted that asset management in Russia has been delegated to the executives of JSC Polymetal. In addition, all agreements for the provision of services by the company or its subsidiaries outside of Russia for Polymetal and its subsidiaries were terminated, and payments under other intra-group agreements from the company and its non-sanctioned subsidiaries to Polymetal and its subsidiaries are terminated or suspended.

Polymetal also said it has mechanisms in place to ensure that any issues submitted to the Board of Directors and the Board's Special Committee (which includes only the company's independent non-executive directors) are reviewed for compliance with all applicable sanctions.

"The Company, its Board, and the Special Committee continue to ensure that the ongoing operations in Kazakhstan remain unaffected and are reviewing potential restructuring of the current arrangements for the processing of refractory ore mined at Kyzyl deposit in Kazakhstan, with a view to ensure that none of its subsidiaries in Kazakhstan are exposed to risk of sanctions implications," according to the statement.

The company is evaluating the options to accelerate the construction and commissioning of the Ertis POX facility in Kazakhstan to sever fully the link between the Company’s subsidiaries in Kazakhstan and its blocked subsidiaries in Russia.

According to the company, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.

"Any potential transaction will be subject to receipt of any required corporate, governmental, and regulatory approvals, in all applicable jurisdictions, as necessary," the statement says.

The Board and the Special Committee will provide an update by the end of June 2023 regarding the ongoing assessment of the possible options.

On May 19, the US Department of the Treasury added JSC Polymetal, the Russian structure of Polymetal to its sanctions list.

Polymetal is one of the world's top ten gold producers and one of the top five silver producers.

The company's assets are located in Russia and Kazakhstan. Polymetal owns ten active gold and silver mines and a portfolio of development projects.