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. Last Updated: 07/27/2016

Polymetal Seeks $3Bln Valuation

Polymetal, the world's fifth-largest silver miner, is seeking a valuation of between $2.3 billion and $3 billion when it lists up to 30 percent of its shares in London and Moscow, the company said Tuesday.

Polymetal, also Russia's third-largest gold miner, will use proceeds from next month's float to repay debts and finance development of mining projects in Russia, including a joint venture with South Africa's AngloGold Ashanti.

"We are confident Polymetal will build more mines and experience more production growth over the next five years than any other gold miner in the former Soviet Union," Polymetal CEO Vitaly Nesis said.

The company set a price range of $7.25 to $9.50 per ordinary share and per Global Depositary Receipt, or GDR, for the initial public offering. The offer price is expected on or about Feb. 7.

Polymetal is owned by Nafta-Moskva, an investment company headed Suleiman Kerimov, 41, who recently returned to Moscow after recovering from injuries sustained in a car crash on the French Riviera in November.

Nafta-Moskva will sell up to 44 million existing ordinary shares in the form of shares and GDRs and Polymetal will offer up to an additional 44 million new shares in the form of GDRs.

Deutsche Bank, Merrill Lynch and UBS are joint global coordinators and bookrunners for the IPO. RBC Capital Markets is co-lead manager.