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Russia’s No. 2 Gold Miner Shuns Local Sales in Favor of Exports

  • Polymetal says Russian banks will only buy gold at a discount
  • The producer is exploring options for shipments abroad: CEO
Vitaly Nesis

Vitaly Nesis

Photographer: Simon Dawson

Polymetal International Plc, a London-listed gold miner operating mainly in Russia, said it’s avoiding selling to the country’s banks as they will only buy at a discount.

While sanctions on state-run lenders have already choked off Polymetal’s traditional sales routes, the company is able to sell to non-sanctioned banks. Yet those institutions are now only purchasing gold at a discount to international prices, pushing the miner toward shipments abroad.