Highland Gold Owner Weighs Buying Polymetal Assets

Mining magnate Vladislav Sviblov is weighing a purchase of some of the Russian assets of Polymetal International Plc, Kommersant newspaper reported. Polymetal, Russia's second biggest gold-miner, is studying moving its domicile from Jersey to the capital of Kazakhstan.

March 12, 2023 . 6:37 AM

1 min read

Mining magnate Vladislav Sviblov is weighing a purchase of some of the Russian assets of Polymetal International Plc, Kommersant newspaper reported.
Sviblov emerged as mining magnate in 2020 after buying a 40% stake in Highland Gold from billionaire Roman Abramovich and other investors in a deal that valued the Russia-focused miner at about $1.4 billion.
Last year, he agreed to buy Kinross Gold Corp.'s Russian assets for $680 million as the Canadian miner sought to exit Russia in the wake of the invasion of Ukraine.
Polymetal, Russia's second biggest gold-miner, is studying moving its domicile from Jersey to the capital of Kazakhstan, where it also has assets, as it seeks to base itself in a jurisdiction deemed to be "friendly" by Russia.