POYYF - Polymetal eyes sale of Russian assets to avoid risk of western sanctions

Polymetal International ( OTCPK:POYYF ) ( OTCPK:AUCOY ) said Tuesday it plans to sell its Russian assets and shift its focus to its operations in Kazakhstan, lifting its London-listed shares by 35%.

Russia-focused Polymetal ( OTCPK:POYYF ) said it hoped offloading its Russian assets would restore its footing on global capital markets, allowing it to re-enter equity indices that rejected it following Russia's invasion of Ukraine.

The miner's assets in Kazakhstan produce more than 500K oz/year of gold with 2021 revenues of $984M.

Polymetal ( OTCPK:POYYF ) said in April that it was withdrawing the 2021 final dividend and postponing its decision on the dividend payment to August 2022 .

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