BlackRock cuts Polymetal stake to 4%

By Thomson Reuters Mar 12, 2024 | 7:04 AM

MOSCOW (Reuters) – U.S. fund manager BlackRock reduced its stake in gold miner Polymetal to 4.01% from 7.44% this month, Polymetal said on Tuesday.

BlackRock sold at $3.80 per share, netting about $62 million, it said.

Polymetal shares were down 1.4% to $3.68 on Tuesday on the Astana International Exchange where they moved after the company’s Russian business came under Western sanctions.

Polymetal sold its Russian assets to a Siberian gold miner this month.

(Reporting by Anastasia Lyrchikova; writing by Olzhas Auyezov; editing by Jason Neely)