Polymetal

Polymetal increases gold production more than 1.5 times

According to Polymetal’s general director Vitaly Nesis, the company started the year with excellent results, increased the quarterly gold production to 191 thousand ounces (5.94 tons) that is by 57% more than in the same period of the previous year.
Besides, in the first quarter Polymetal increased the production of silver by 14% as compared the same period of the previous year to 7.3 million ounces (227 tons), but reduced the production of copper to 709 tons that is by 48% less than in the same period of the previous year. 

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In January-March, Chukotka increased gold production by 92.4%

In January-March of 2014, enterprises of Chukotka increased gold production by 92.4% as compared with the same period of the previous year to 7.24 tons, silver by 3.2% to 39.3 tons, the autonomous district’s press centre reports.
The whole volume of gold was mined at ore deposits, the production of alluvial precious metals is seasonal in the region and lasts from May till September.

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In 2013, Polymetal made the adjusted profit in the amount of $117 million

On the results of 2013, Polymetal  made the adjusted profit under IAS in the amount of $117 million that is by 73% less than in 2012, the company reports.
Last year, the net loss made up $198 million against $428 million of the net loss in 2012. The company ties the negative result with lower rate of EBITDA, which is caused by decrease in prices, negative unrealized foreign exchange rate differences and non-cash expenses from depreciation.

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Last year, Polymetal reduced reserves of gold equivalent by 12%

In 2013, Polymetal Int <POLY> (which includes assets of Polymetal) reduced reserves at its deposits by 12% to 13.277 million ounces in gold equivalent as of January the 1st of 2014 from 15.138 million ounces as of January the 1st of 2013, the company reports.
“We expect that the reduction of ore reserves and mineral resources, which took place in 2013, will be compensated in the current year, because the company increases geological exploration and completes the feasibility studies of several projects,” – the company’s general director, Vitaly Nesis said.
The reserves declined because of the revaluation by 1.498 million ounces and development at deposits by 1.517 million ounces in gold equivalent, the report notes.

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It’s necessary to think faster, to do faster, to drill more and to steal less

After a sharp drop in demand for precious metals Russian miners start to think about the price level at which production can stop. Some Russian companies have secured themselves against crisis selling unprofitable assets or cutback of expensive projects.
General Director of Polymetal Int (which unites assets of Polymetal) Vitaly Nesis explains to the Kommersant-Khabarovsk that he is not an optimist in relation to prices, but a realist; he also assures that he won’t close enterprises if gold’s price is above $1 000 / oz.
Question: "It is clear that we are not optimists, but realists in relation to prices" - Vitaly Natanovich, now metal prices is a central issue for the entire industry. However, Polymetal continued to increase production volumes; did this insure you from the recession?
Answer: Unfortunately, the prices declined too much to compensate this fall by the increase in production. In 2013, the average price of gold fell by 24% as compared with 2012, and the silver price by 38%. It is clear that no matter how we tried, we can’t make such growth rates.
As for the further price situation – I should say that I can predict here not as the general director of the company, but just as the average man, because I don’t have any special information. I don’t expect anything good with the prices for precious metals in 2014.

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Interview with Vitaly Nesis of Poymetal: It’s necessary to think faster, to do faster, to drill more and to steal less

After a sharp drop in demand for precious metals Russian miners start to think about the price level at which production can stop. Some Russian companies have secured themselves against crisis selling unprofitable assets or cutback of expensive projects.
General Director of Polymetal Int (which unites assets of Polymetal) Vitaly Nesis explains to the Kommersant-Khabarovsk that he is not an optimist in relation to prices, but a realist; he also assures that he won’t close enterprises if gold’s price is above $1 000 / oz.
Question: "It is clear that we are not optimists, but realists in relation to prices" - Vitaly Natanovich, now metal prices is a central issue for the entire industry. However, Polymetal continued to increase production volumes; did this insure you from the recession?
Answer: Unfortunately, the prices declined too much to compensate this fall by the increase in production. In 2013, the average price of gold fell by 24% as compared with 2012, and the silver price by 38%. It is clear that no matter how we tried, we can’t make such growth rates.
As for the further price situation – I should say that I can predict here not as the general director of the company, but just as the average man, because I don’t have any special information. I don’t expect anything good with the prices for precious metals in 2014. I guess that the recovery will happen only after the reduction of the world production of gold and silver.

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Polymetal starts Oroch development earlier than the planned

Polymetal starts the Oroch deposit development by 4 years earlier than the planned. The deposit is located in Northern-Evensky, a remote and hard-accessible district in the Magadan region. This year they are going to construction of infrastructure at the deposit that will provide future gold production. The extracted ore will be processed at the Kubakinsky gold dressing plant located at a distance of 110 km from Oroch. They will perform open-cast mining there. Ore with lower gold and silver content will be processed directly at the deposit on the basis of heap leaching technology.

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Polymetal to start Oroch deposit development in 2014

In 2014 Polymetal is going to start the development of gold and silver deposit Oroch in Magadan region, which is 110 km away from a gold processing plant Kubaka, they said in the company to Prime agency.
In particular, the operation will start from an erection of infrastructure facilities and the construction of drainage canal. The company is about to start mining operation in 2015. High grade ore will be processed at the Kubakinsky gold recovery plant, low-grade ore – by means of heap leaching at the mine.

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FAS permits Rio Tinto ICT to obtain one more asset in Kamchatka

The Federal Anti-Monopoly Service of Russia has granted a request of Rio Tinto ICT (joint exploration firm of Rio Tinto and ICT of A.Nesis, created in Cyprus in 2011) on the acquisition of 100% in “Kirganik” Ltd (St.Petresburg), which carries out silver, gold and platinum-group metals exploration in Kamchatka region, is said in a statement of the department.
In September 2013, “Kirganik” Ltd. won an auction for the right to use subsurface for geological survey, copper, gold and silver exploration, and production within the boundaries of the Khim-Kirganikskoye ore cluster in Kamchatka. The company offered 24.2 million roubles during the auction. The forecast resources of the Khim-Kirganikskoye cluster make up 905 thousand tons of copper, 47 tons of gold and 560 tons of silver. The license period at the site makes up 25 years.

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In 2013, Polymetal increased gold production by 37%

In 2013, Polymetal increased production by 37% to 805,000 ounces (25 tons) of gold, and by 3% to 27.2 million ounces (846 tons) of silver, and reduced copper production by 26% to 4,841 tons. Total metal production increased by 21% to 1.282 million ounce in gold equivalent.
The company agreed the production plans for 2014 and 2015 at a rate of 1.3 million and 1.35 million ounces in gold equivalent. In particular, in 2014 the enterprises of Ducat and Omolon in the Magadan are going to produce correspondently 400,000 ounce and 170,000 ounces in gold equivalent.
They are going to produce 210,000 ounces in gold equivalent at Albazino in the Amur region, 140,000 ounce in gold equivalent at Mayskoye at Chukotka, 150,000 ounces in gold equivalent at Vorontsovskoye in the Sverdlovsk region, 120,000 ounces in gold equivalent at Khakanja in the Khabarovsk region and 110,000 ounces in gold equivalent at Varvarinskoye in Kazakhstan.

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