BlackRock decided to reduce its stake in Polymetal to 4%

Polymetal announced on Tuesday that U.S. fund manager BlackRock has decreased its ownership in the gold mining company from 7.44% to 4.01% this month. BlackRock sold its shares at $3.80 each, generating approximately $62 million.

Following the sale, Polymetal shares experienced a 1.4% decline to $3.68 on Tuesday, traded on the Astana International Exchange. This shift occurred after the company's Russian operations were subjected to Western sanctions. Additionally, Polymetal recently sold its Russian assets to a Siberian gold miner.