Polymetal International plc announced that at a general meeting of shareholders on June 11th in Astana, Kazakhstan, the issue of changing the name to Solidcore Resources Plc would be considered.
The Russian mining company, Polymetal, was founded in 1998 by Alexander Nesis. Polymetal International plc, the parent company of Polymetal Group, was registered on the island of Jersey.
In May of 2023, the U.S. Treasury Department imposed sanctions on the Russian company Polymetal, but not on PolyMetal International plc. Later in August, PolyMetal International plc completed the process of redomiciling the company from Jersey to Astana.
In March 2024, Polymetal International plc announced the sale of 100% of the shares of Polymetal to Mangazeya Plus JSC, owned by Russian businessman Sergey Yanchukov.
“With the closing of the transaction, the main risks have been leveled and now management plans to present a new strategy and capital allocation policy in May”, said Vitaly Nesis (brother of Alexander Nesis), Chief Executive Officer of Polymetal at the time.
As a result of the transaction Polymetal reduced net external debt by $2.2 billion, fully repaying intra-group debts in the amount of $1.04 billion after taxes and receiving $300 million in taxes.
