Polymetal shares have been in a downward trend ahead of the release of its Q4 and full-year earnings report for 2022 on Thursday 16 March. The miner announced at the end of January that it intends to move its primary listing to Kazakhstan to help restore shareholder value. A switch would also allow the company to restart its dividend programme.
– Polymetal’s ore reserves declined in Q4 as sanctions on imports limited drilling activity.
– A switch to Kazakhstan’s Astana International Exchange would allow the miner to resume paying dividends.
– BlackRock and VanEck, both of which had holdings in Polymetal, liquidated their Russia-focused ETFs.
Sanctions have continued to hit Anglo-Russian precious metals miner Polymetal International [POLY.L] ahead of its earnings report announcement on 16 March.
At the start of the month, the Cyprus-headquartered company reported a decline in ore reserves. Sanctions on imports of equipment and materials into Russia severely limited its drilling activity last year. Gold ore reserves were down 9% year-over-year as of 31 December 2022, while silver ore reserves declined 12%. Mineral resources grew 5%, however.
“We remain confident in the group’s ability to grow our high-quality reserve base and expect the resumption of the upward trend in 2023,” Polymetal CEO Vitaly Nesis said in a statement.
As of 10 March close at 220p, the Polymetal share price is down 8.33% in the past week and further 10.4% in the year-to-date .