Polymetal

Polymetal increases production of precious metals

Polymetal Group summarized its results on January-June. In the first half of the year the total production increased by 11% compared to the first half of 2012 and made up 559 thousand ounces of gold due to the contribution of the Amur mining and metallurgical company and the beginning of seasonal deliveries of concentrate from Albazino to the buyers. In Q2 the production reached 323 thousand ounces of gold – by 9% more than in Q2, 2012.
The correcting measures are taken at the Amur mining and metallurgical company in compliance with the schedule. The long-term stopping of the complex for repair works successfully came to an end at the beginning of July. Currently annual production of concentrate makes up 85-90% of the designated  capacity. In July average extraction made up 86-88%.

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Group of companies Metallurgia Blagorodnykh Metallov increases processing of ingoing material of precious metals

The Group of companies Metallurgia Blagorodnykh Metallov, which processes products, contained precious and non-ferrous metals, summed up results of the first six months of its activity. In January-June of 2013, it processed 1.898 tons of gold (in January-June of 2012 – 1.767 tons) and 191.003 tons of silver (in January-June of 2012 – 174.810 tons).

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Polymetal to start the development of Burgali in 2015

Polymetal Int (joins the assets of OJSC “Polymetal”) will start the development of the gold deposit Burgali in Magadan region in 2015, the press-service of the administration of the region states.
“The company does not adjust production plans for 2014. We forecast an increase of production. We keep investing funds into the geological exploration. In 2015 we will start the development of the deposit Burgali,” CEO of Polymetal V.Nesis said during the meeting with the acting governor of Kolyma V.Pecheny.

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Polymetal may reduce the production plan for 2014

The largest silver producer and one of the leading gold miners of Russia, Polymetal, may reduce capital expenditure amidst a decrease of prices on precious metals in 2013 and consequently, reduce the production plan for the next year by several percent, the company said on Thursday. The company has become the second Russian largest gold producer after the Petropavlovsk, who has announced the details of an investment programme reduction amidst poor market conditions.

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In 2013, Polymetal to supply up to 2.75 tons of Maiskoye’s gold in concentrate to China

Polymetal Int has signed two export contracts on sale of up to 50 thousand tons of gold concentrate (2.75 tons of gold) from the Maiskoye field in the Chukchi Peninsula to China in 2013, the company reports.
The average gold content in concentrate is about 55 g/t. According to the company’s assessment, the sale of concentrate from the Maiskoye field will be more expensive than own processing at the Amur MMC in the Khabarovsk region - approximately by $250/ounce of gold.

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Polymetal diversifies towards platinum

Polymetal Group acquired 75.01% shares of CJSC “Nevyanskaya Group”, which has a licence for geological exploration, prospecting and production at the Svetloborskaya site.
After the approval of the deal by the Governmental Commission for Control over Foreign Investments in the Russian Federation Polymetal bought 75.01% shares of Nevyanskaya Group from VTB Capital for $6.9 million, paid by monetary funds, plus interest, accumulated over the period, which started from the moment of acquisition of a share from VTB Capital at 7.25 percent of annual interest. It approximately makes up $0.2 million.

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Polymetal to actively develop a deposit in Chukotka

The Governor of the Chukotka Autonomous District Roman Kopin has held a working meeting with the Polimetal’s General Director Vitaly Nesis. The regions’ Head was informed about the work at the gold ore deposit Maiskoye, which is developed by the company.
As Vitaly Nesis reported at the meeting, a preparation plant has been successfully launched at the mine and in middle of April the first dried gold concentrate was encased.

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Polymetal has launched new plant at Chukotka

Polymetal has announced about successful launch of a new concentrating plant at the Mayskoye deposit at Chukotka , and about packaging of the first batch of dried golden concentrate. The projected capacity of the plant is 850,000 tons of ore annually. It will reach full capacity within 6 months, by October 2013.

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Polymetal has got a new gold asset

Polymetal has completed purchase of 100% in the Maminsky mining ore company holding the license for exploration and production at the unanimous gold ore field. The transaction sum is $3.9 million, paid in cash and $73.4 million in form of 5.492 million equal shares of Polymetal, sharing 1.4% in its enlarged authorized capital. They await that the new shares will be allowed for trading at LSE on April 11 2013. After the placement, total issued shareholding capital of Polymetal will be 389.473 million equal shares without nominal, each of them will represent the right of one vote.

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Polymetal completes purchase of Maminskoye gold deposit in Ural

Polymetal International Plc. – the largest Russian producer of primary silver – completed he purchase of 100% of voting shares of Maminskaya mining company CJSC (the Sverdlovsk Region), the company reports.
The total amount of the transaction made up $77.3 million, including $3.9 million in cash and $73.4 million in 5,491,661 shares of Polymetal (appr. 1.4% of the increased authorized capital of the company).

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