Polymetal completed the sale of its Russian business

Polymetal closed the sale of its Russian business to Sergey Yanchukov's Mangazei structure. Polymetal JSC was valued at $3.69 bln. As a result of the deal, the company reduced its net external debt by $2.20 bln, fully repaid $1.04 bln of intragroup debt after tax and received $300 mln after tax. Polymetal's net cash position now stands at $130 mln. Company will present a new strategy and capital allocation policy in May.