US fund BlackRock reduces stake in miner Polymetal International

Polymetals Resources

01/03/2024 13:17

MOSCOW, March 1 (Reuters) - U.S. investment firm
BlackRock has reduced its stake in precious metals producer
Polymetal International to 7.45% from 9.91%, the gold and silver
miner said on Friday.     
    Polymetal last month said it had agreed to sell its Russian
assets to a Siberian gold miner for about $3.7 billion, a deal
forced at a knock-down price by repercussions from the conflict
in Ukraine.
    BlackRock did not immediately respond to a request for
comment. 
    The U.S. fund had doubled its equity position in Polymetal
in March 2022 as the company's shares lost around 70% in a few
days following Moscow's launch of what it calls a "special
military operation" in Ukraine. 
    Trading in London was suspended and Polymetal subsequently
moved its domicile to Kazakhstan from Jersey, delisted from the
London Stock Exchange and relisted in Astana. 
    Polymetal said in January that Russian investment company
ICT Holding had sold its 23.9% stake in the company to a
consortium led by the Omani government.

 (Reporting by Anastasia Lyrchikova; Writing by Alexander
Marrow; Editing by Jan Harvey)
 ((alexander.marrow@thomsonreuters.com;))