SHARES in Polymetal International nosedived 20 per cent on the London Stock Exchange yesterday afternoon, following the gold and silver miner's confirmation it is weighing up a UK exit.

The company confirmed it is considering moving its parent company's domicile and primary listing, currently in Jersey and London respectively, to "Russiafriendly" Kazakhstan.

It believed the move "could unblock the ability to execute further corporate actions" following a review process it began last September.

Polymetal said: "As previously announced, the company has continued to evaluate all available options to modify its asset holding structure in order to maximise shareholder value."

The miner carries out exploration across six regions of Russia, So far, it has not been directly hit with Western sanctions.

However, Polymetal has suffered from the impact of sanctions as Western investors, bankers, and shippers have reduced their dealings with Russian companies.

(c) 2023 City A.M., source Newspaper