Deals
Polymetal to Drop Out of Top 10 Gold Miners on Russia Sale
- Russian unit was added to US sanctions targets last year
- Business accounted for about 70% of group’s 2023 revenue
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Polymetal International Plc will no longer rank among the world’s top 10 gold miners by output after the sale of its Russian business, which was sanctioned by the US last year due to the invasion of Ukraine.
The gold miner agreed to sell its Russian unit — that it spent decades building — to Russian firm Mangazeya Plus, with completion of the deal marked for end-March, Polymetal said on Monday. The deal is valued at about $3.7 billion, yet after tax Polymetal is expected to receive $300 million in cash as it includes third-party debt and intra-group arrangements.