Support The Moscow Times!

Polyus Sells Assets

Jersey-based Polyus Gold International, the controlling shareholder in Russia's Polyus Gold, has completed the sale of assets in Kazakhstan and Kyrgyzstan to a consortium of investors, a PGIL statement says, Interfax reported.

A source with knowledge of the situation told Interfax that Polyus Gold earned more than $375 million from selling the assets of the former KazakhGold, including Romanian assets worth $20 million. According to Polyus Gold, Kazakhaltyn, which controls several assets in Kazakhstan, has been sold to Institute Project for $10 million in cash. Institute Project and Financial Services also paid off part of Kazakhaltyn's debt to a Polyus Gold affiliate for around $288 million in cash. The Kyrgyz assets were sold to Folkstand Consortium Limited for $1 million.

Polyus Gold is the largest gold producer in Russia and one of the top 10 gold miners globally by ounces produced.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.