JSC Polymetal
Polymetal is a leading precious metals mining company. Polymetal Company is the third global primary silver producer, the largest silver and fifth gold producer in Russia.In 2007 Polymetal held an initial public offering. 24.8% of Polymetal Company was placed in the form of GDRs on the London Stock Exchange and in ordinary shares on the RTS and MICEX exchanges. Polymetal owns gold and silver mines and carries out exploration activities in four regions of Russia (the Magadan Region, the Khabarovsk Territory, the Sverdlovsk Region and the Chukotka Autonomous Okrug) and in Kazakhstan.Its portfolio of projects contains 42 licenses covering a territory of over 8,500 sq. km.Polymetal’s most promising deposit is Albazino located in the Khabarovsk Territory, which contains JORC mineral resources estimated at approximately 3 Moz of gold. Polymetal Company plans to continue active exploration work at Albazino and expects that its resource base will grow to 5-6 Moz by the time the operation begins production. Construction of a processing plant at Albazino is scheduled to begin in 2009, and it should produce its first gold in 2011.
In 2008, Polymetal acquired the Kubaka and Degtyarskoye gold deposits and the Goltsovoye silver deposit, in 2009, Sopka Kvartsevaya gold deposit in Magadan Region and Maiskoe gold deposit in Chukotka were acquired by the Company. These new deposits are expected to be brought on-line in 2010-2011. In 2009, Polymetal also acquired the Varvarinskoye gold-copper deposit in Kazakhstan.In 2009 gold production grew by 9%, to 311 Koz. Silver production grew by 1%, to 17.3 Moz.In 2010 Polymetal targets to produce 350-370 Koz of gold and 19-20 Moz of silver. These numbers do not include any production from Varvarinskoye mine in Kazakhstan.
Contact Details
Office Address
JSC Polymetal
2 Prospect Narodnogo Opolcheniya
St. Petersburg, Russia 198216
Phone: +7-812-334-3664
Fax: +7-812-753-6376
Executives
Chairman
Ilja A. Yuzhanov
CEO and Director
Vitaly N. Nesis