Polymetal agreed to sell Russian assets

Polymetal has entered into an agreement to sell its Russian business to Sergey Yachunkov's Mangazeya Group for $3.69 bln, including $2.2 bln of debt. Amount of the deal includes $1.43 billion of dividends to be paid to Polymetal before the deal closes. Cash proceeds in favor of Polymetal upon completion of the sale are estimated at $300 mln. These funds will be used for construction of Irtysh MMC in Kazakhstan and improvement of liquidity. Completion of the transaction is expected by the end of March 2024.