Polymetal maintains plans to relocate to Astana after US sanctions

May 22 (Reuters) – Polymetal, a producer of gold and silver with assets in Russia and Kazakhstan, said on Monday it was upholding plans to relocate from Jersey to Astana after US sanctions were imposed on the company.

The list of companies included in the updated US sanctions list included large Russian producers of precious metals Polyus and Polymetal. However, the sanctions do not apply to the parent company Polymetal International PLC, which is registered in Jersey.

“JSC Polymetal is a legal entity registered in the Russian Federation that acts, among other things, as a holding company for the Group’s assets located in the Russian Federation. AO Polymetal does not operate outside of the Russian Federation,” Polymetal said on Monday.

The company, which has been primarily listed on the London Stock Exchange and registered in Jersey since 2022, is discussing transferring jurisdiction to Russia’s “friendly” country over sanctions against Moscow and counter-sanctions hampering the gold miner’s operations. This should facilitate the subsequent splitting of Polymetal’s Russian and Kazakh businesses, but could result in a delisting from the London Stock Exchange. (Moscow office)