U.S. fund manager BlackRock has significantly reduced its stake in the gold miner Polymetal, bringing it down to 4.01% from the previous 7.44%, as confirmed by Polymetal on Tuesday. The sale by BlackRock, executed at $3.80 per share, resulted in proceeds of approximately $62 million. Following this development, Polymetal shares experienced a decline of 1.4% to $3.68 on Tuesday on the Astana International Exchange, where they are now listed after the company’s Russian operations faced sanctions from Western entities. In response to the sanctions, Polymetal recently divested its Russian assets to a Siberian gold miner, marking a strategic shift in its business operations and ownership structure. The move by BlackRock to reduce its stake in Polymetal reflects evolving investment strategies and market dynamics in the context of geopolitical developments and industry-specific challenges.
BlackRock Cuts Stake in Gold Miner Polymetal to 4%