Oman consortium buys stake in gold and silver miner

Oman consortium buys stake in gold and silver miner

Oman’s Maaden International Investment has acquired almost a quarter of the Anglo-Russian gold and silver producer Polymetal International. The 23.9 percent stake was bought for an undisclosed sum from Powerboom Investments, a subsidiary of ICT Holding, which is owned by the Russian businessman Alexander Nesis. Polymetal was founded by Nesis in 1998. It is among […]

Maaden acquires Polymetal stake

Target is top 10 gold miner

Sell-off of Russian assets

Oman’s Maaden International Investment has acquired almost a quarter of the Anglo-Russian gold and silver producer Polymetal International.

The 23.9 percent stake was bought for an undisclosed sum from Powerboom Investments, a subsidiary of ICT Holding, which is owned by the Russian businessman Alexander Nesis.

Polymetal was founded by Nesis in 1998. It is among the world’s top 10 gold miners, and a top five silver producer, with assets across Russia and Kazakhstan.

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The company has been actively engaged in selling its Russian assets, which were sanctioned by the US last year in response to Russia’s invasion of Ukraine in February 2022.

Vitaly Nesis, brother of Alexander, and Polymetal’s group CEO, said: “We are pleased that