17 Jan 2024 11:47

Polymetal might invest in mining projects in Tajikistan - media

DUSHANBE. Jan 17 (Interfax) - Polymetal , an international mining company with assets in Russia and Kazakhstan, has expressed interest in investing in mining for mineral resources in Tajikistan, national news agency Khovar reported, citing the Central Asian country's State Committee for Investment and State Property Management.

"Issues concerning the establishment of mutually beneficial relations in the mining and trade sectors were discussed in the course of State Committee Chairman Sadi Qodirzoda's meeting with Polymetal International plc board member Vitaly Nesis," the report said.

Qodirzoba presented detailed information about investment opportunities in Tajikistan. The representatives of the company were invited to make a contribution to the implementation investment and commercial projects and consider forming joint ventures.

Nesis told Interfax in an interview in September that Polymetal was thinking of expanding into new jurisdictions. "We've conducted a preliminary analysis of other countries, formed working groups on some with representatives of government bodies," he said. "Kazakhstan, of course, is a promising country, large in area, with substantial potential for geological exploration. But it wouldn't be bad to have some second, third jurisdiction. One country is good, but two are better," he said.

Polymetal is the biggest silver miner and one of the biggest gold miners in Russia. It has operations in Russia's Magadan and Sverdlovsk Regions, the Khabarovsk Territory, Yakutia, Chukotka, and in Kazakhstan. Polymetal's largest shareholder is ICT Group owned by Alexander Nesis and associates with a stake of around 24%.