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Anti-Russian sanctions

YGC gold miner ready to possible sanctions

Main assets of the company are in Russia and the business will not have a material exposure from the standpoint of operations, the chief financial officer underlined

MOSCOW, November 10. /TASS/. YGC is ready for the possible introduction of sanctions against the company, CFO of the Russian gold miner Artyom Kletskin said on the Market Power YouTube channel.

"A good question indeed. Polyus and Polymetal are under sanctions since this spring, Nordgold - from last March. If we call things by their proper names, no one is immune, such risk is in place and it is growing as the factor of publicity appears," the senior executive said. "We have the backup plan for what we will do if we are hit by sanctions," Kletskin noted.

Main assets of the company are in Russia and the business will not have a material exposure from the standpoint of operations, the chief financial officer said. "There will be some nuances with payments and exports will require some changes in the format. We have the backup plan; the group is well protected in legal terms," he added.

YGC is not eyeing acquisition of Russia-based assets of Polymetal. "We certainly keep our finger on the pulse but we do not have plans to acquire [these assets] now. Furthermore, the gold price is now fairly high," he added.

Tags

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