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Polymetal Int’s management has proposed that shareholders refrain from receiving dividend payments for the previous year and has suggested approving a change in the organization’s name to Solidcore Resources plc, as reported by the gold miner’s press center. The disposal of the company’s assets in Russia facilitated debt reduction and increased liquidity. However, it is highlighted that further investments of over $1 billion will be required for prospective projects in Kazakhstan and Central Asia, such as the construction of the Irtysh Hydrometallurgical Plant and M&A activities. Despite these initiatives, challenges remain as geopolitical and macroeconomic conditions are unstable, and access to key sources of debt financing is limited. It is worth noting that Polymetal was officially registered in Kazakhstan in the summer of 2023 following the sale of its Russian business in early spring of the same year. In the 12 months of 2023, the Kazakh metals producer witnessed a 10% decrease in gold equivalent output to 15,116 tons (486 thousand ounces).
Excerpt: Polymetal Int suggests shareholders forgo dividends and approve a name change to Solidcore Resources plc for strategic reasons.