Support The Moscow Times!

Merger Talks Denied

Precious metals miner Polymetal denied being in talks about a large all-Russian gold merger and said on Monday it planned to focus on organic or self-generated growth.

The group's comments come after months of speculation that the owners of Polymetal and Polyus Gold, Russia's largest gold miner, were in talks to create a combined mining business worth $15 billion.

"Neither management nor large shareholders are in discussion on a deal," said Vitaly Nesis, Polymetal's chief executive. "Polymetal is focused not on large complex deals with high risks and uncertain prospects of value creation, but on organic development."

A Polyus spokesman declined comment.

Russian billionaire Mikhail Prokhorov sold his stake in Polyus Gold to two Russian buyers for $3.6 billion in February, having originally harboured ambitions for an international M&A deal involving Polyus.


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.