MOSCOW, March 11. /TASS/. Polymetal closed a deal to sell 100% of the shares of Polymetal (the holding company of Russian assets) to Mangazeya Plus, Polymetal said in a statement.

"As a result of the Transaction, and in accordance with the terms set out in the shareholder circular published on 19 February 2024 (the "Circular"), Polymetal has deconsolidated US$2.20 bln of external net debt, fully settled US$1.04 bln of its intragroup liabilities net of tax and received after-tax cash proceeds of US$300 mln," the company said.

"We are pleased shareholders of Polymetal supported the sale of our Russian business. With the transaction closed and major risks eliminated, we plan to present our new strategy and capital allocation policy in May," Group CEO Vitaly Nesis said.

On March 7, Polymetal shareholders approved a deal to sell the company's Russian business to the Mangazeya Mining structure - Mangazeya Plus. On February 19, the company announced that Polymetal had entered into an agreement to sell the company’s Russian business based on a valuation of $3.69 bln.