#BlackRock #Polymetal #GoldMining #SilverMining #Investment #AstanaExchange #UkraineConflict #SiberianGoldMiner
BlackRock, a prominent U.S. investment firm, has recently scaled down its position in Polymetal International, a leading producer of precious metals. The company disclosed that its stake in Polymetal decreased to 7.45%, a significant reduction from the previous 9.91%. This adjustment occurred against the backdrop of Polymetal’s decision last month to offload its Russian operations to a Siberian gold mining entity for an approximate sum of $3.7 billion. This transaction, catalyzed by the adverse impact of the ongoing conflict in Ukraine, was settled at a considerably reduced valuation.
The sale was conducted on the Astana International Exchange (AIX) in Kazakhstan, marking Polymetal International’s primary listing move. The relocation of its primary listing comes after the company’s shares plummeted approximately 70% in the wake of Moscow’s initiation of what has been officially termed a “special military operation” in Ukraine.
Polymetal, prior to these developments, experienced a notable augmentation of BlackRock’s equity position in the company, doubling between November 2019 and February 2022. However, as of March 8, 2022, BlackRock’s stake had dwindled, falling below the 10% threshold. The investment firm’s adjustment in its share percentage follows Polymetal’s trading suspension in London. Subsequently, Polymetal transitioned its domicile from Jersey to Kazakhstan, completed a delisting from the London Stock Exchange, and pursued a relisting on the Astana exchange.
Moreover, Polymetal disclosed earlier in January that ICT Holding, a Russian investment company, had divested its 23.9% shareholding in Polymetal to a consortium spearheaded by the Omani government. This series of strategic adjustments and ownership transitions underscore the volatile dynamics at play within the precious metals mining industry, exacerbated by geopolitical tensions and market fluctuations.
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