Polymetal International PLC (LSE:POLY) shares dropped after the Anglo-Russian precious metals miner said it may move its listing from London to Astana, Kazakhstan in order to carve out its Russian business.
The company, which saw it's shares plummet over 90% after the invasion of Ukraine last year, said it has been evaluating a potential re-domiciliation to a “jurisdiction deemed to be 'friendly' by the Russian Federation, a move which could unblock the ability to execute further corporate actions”.
The Astana International Financial Centre in the Kazakhstan capital is now seen as the preferred jurisdiction, helped by the company already having operations in the region.
It said it will "look to ensure continuous liquidity of trading" while its main listing is transferred to Kazakhstan's AIX, and that "any actions will be compliant with all applicable international sanctions, counter-sanctions and regulatory requirements", but stressed there was "no certainty that the company will proceed".
The update also revealed the company’s full-year gold equivalent production amounted to 1,712 Koz for 2022, an increase of 2% and in line with the original production guidance.
For 2023 production is expected to remain roughly flat.