Gold mining company Polymetal has announced its intention to rename the business to Solidcore Resources plc, according to a release obtained by “Kursiva”. The move comes in the wake of U.S. sanctions following the sale of its Russian operations, which retained the name “Polymetal”. The company’s leadership is seeking shareholder approval for the new name. Polymetal’s release also highlights that the sale of its Russian business has significantly reduced debt and increased liquidity, necessitating investments of over $1 billion in projects in Kazakhstan and Central Asia, particularly the new Irtysh GOK and merger and acquisition deals. The company notes that due to ongoing complex geopolitical and macroeconomic conditions, and the lack of access to major debt financing sources, the board recommends not paying dividends for the year ending December 31, 2023. Polymetal has also completed its re-domiciliation from Jersey to the Astana International Financial Centre (AIFC) and is now listed on the AIX and Moscow Exchange.
