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Polymetal shareholders approve transaction on sale of Russian business

Polymetal said on February 19 that the company had entered into contracts for the divestment of its Russian business for an effective total consideration of around $3.69 bln

MOSCOW, March 7. /TASS/. Shareholders of Polymetal have approved the transaction on sale of the company’s Russian business to Mangazeya Plus, Polymetal said in a statement.

Some 96.74% of shareholders voted for the deal.

"With the resolution passed, the transaction announced on 19 February 2024 is approved. Completion of the transaction is expected shortly," the statement reads.

Polymetal said on February 19 that the company had entered into contracts for the divestment of its Russian business for an effective total consideration of around $3.69 bln. Completion is subject to certain conditions precedent, including receipt of required regulatory approvals and shareholder approval, the company said, adding that it anticipated completion by the end of March 2024.

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.

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