Polymetal sets buyback price

RUSSIAN precious metals miner Polymetal International, which recently secured a premium listing on the London Stock Exchange, yesterday offered to buy back the minority investors in its Russian group for 531.15 roubles (£10.90) per share.

Polymetal raised £491m when it floated in London last month and it is hoping to join the FTSE 100 index in December.

It must now buy out a total of 16.7 per cent of its Russian shares, including 8.6 per cent held as treasury shares, in the final stage of the transformation.