Polyus Gold considers GDR listing in Kazakhstan

Polyus Gold is considering the possibility of listing its Global Depositary Receipts (GDRs) on the Astana International Exchange in Kazakhstan. The move is confirmed by Bloomberg, citing sources familiar with the matter. Previously, the company reported that it was negotiating with several alternative trading platforms to organize trading in depositary receipts.

“Polyus” is Russia’s largest gold producer and the world’s fourth gold mining company in terms of production volume and mineral resource base. Its key enterprises and projects are located in the Krasnoyarsk Krai, Irkutsk and Magadan regions, as well as in Yakutia. The largest shareholders are the Fund for Support of Islamic Organizations (46.35%) and the “Acropolis Group” of Akhmet Palankoyev (29.99%). In 2022, “Polyus” reduced gold production by 6% to 2.6 million ounces (79 tonnes).

This development follows reports by Bloomberg in March that Polymetal was in preliminary talks with the Abu Dhabi Exchange regarding a potential listing. In January, “Polyus” announced that it was considering Kazakhstan as a potential country for re-registering its business from the British offshore jurisdiction of Jersey.