Polymetal mulls split-off of Russian assets

Polymetal International said it was considering changes to its corporate structure including "distinct ownership in various jurisdictions" where the company operates.

Responding to press reports, the Russia-focused miner said its deliberations were at an early stage.

The Financial Times reported on Monday that Polymetal was debating whether to split its Russian business off to protect the its other operations from the effects of sanctions. The company could split its Russian and Kazakh businesses with separate listings, the FT said.

The London-listed group has not been put under sanctions by the UK, US or EU over Russia's invasion of Ukraine but its shares have fallen by 80% in the past six months as investors have abandoned the company.