(Bloomberg) — Gold miner Polymetal International Plc will sell its sanctioned Russian unit in a deal worth a total of nearly $3.7 billion, the Kazakhstan-registered firm said in a statement.
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The business will be sold to Russian firm Mangazeya Plus with completion marked for end-March, Polymetal said. The sale was backed by the Omani government-owned fund that became a major Polymetal shareholder in January.
Polymetal, which also has assets in Kazakhstan, re-domiciled from Jersey to the Kazakh capital, Astana last year.
The disposal of the Russian unit, which was added to the US sanctions list in May last year, was a condition for being listed in Kazakhstan, Polymetal’s Chief Executive Officer Vitaly Nesis said earlier this year.
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