Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Shares in Polymetal showed signs of stabilising amid a tentative rebound in Russian-exposed stocks in Europe on Tuesday as investors welcomed news that BlackRock doubled its stake in the London-listed miner heavily hit by sanctions against Russia.
The world’s largest money manager raised its stake in Polymetal to slightly above 10%, according to a filing published on Tuesday, after shares in the company slumped more than 70% in the previous three days.
Polymetal shares moved in and out positive territory in opening deals and by 0830 GMT they were up 1.2%.
Other Russian-exposed stocks also rebounded with Evraz leading the way, up 5%, while banks UniCredit and Raiffeisen rose 3% and 2%, respectively.
(By Danilo Masoni)
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