10th Jul 2023 12:14
(Alliance News) - Polymetal International PLC on Monday said it has increased its interest in the Baksy property in Kazakhstan to 75%.
The company increased its stake in the property from 7.5% by exercising its option to buy out one of the project's shareholders.
State-owned JSC Kazgeology owns the remaining 25%.
"Baksy fits company's strategy of focusing on copper-gold assets and expanding presence in Kazakhstan. We plan to continue active exploration and expect the JORC-compliant ore reserve estimate and positive production decision in 2024," said Chief Executive Vitaly Nesis.
The Baksy overall licence area comprises 776 kilometres squared and is located 300 kilometres from the Polymetal-owned Varvara processing plant, in the North Kazakhstan region.
Earlier on Monday, Polymetal said its shares will continue to trade in London for now due to delays in its re-domiciliation, which it re-affirmed "is critical to preserve shareholder value".
Polymetal said its re-domiciliation will not occur before the week beginning July 31.
Polymetal is looking to re-domicile to the Astana International Financial Centre from Jersey. The plan was backed by shareholders in May.
The move is a "necessary and critical first step to preserve the group's existence in its current form and to unblock the ability to execute further corporate actions to restore shareholder value". A change of domicile will "remove the burden" of Russian counter-sanctions, Polymetal said.
Polymetal will then apply for a suspension of its London listing. Polymetal on Monday said it will send out a document "as soon as practicable" and then seek shareholder approval for a London de-listing.
Polymetal shares fell 1.4% to 202.10 pence each in London on Monday afternoon.
By Heather Rydings, Alliance News senior economics reporter
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