Polymetal has put into operation mining and concentration complex at Dukat deposit.
Polymetal Inter-Regional Research and Production Association has put into operation mining and concentration complex at Dukat deposit. Its launch will allow to more than double annual silver production in Russia and will help the country to gain a place in the list of ten leading world silver producers.
Dukat - the largest Russian and one of the world largest deposits is located in the north-east of the Russian Federation, 650 km. from Magadan (Omsukchansky district). Its balance reserves make 14 810 tons of silver and 30 tons of gold. Silver content in ore is up to 1100 g/t. Deposit is developed by Polymetal subsidiary - joint stock company Magadan Silver. Renovated production at Dukat deposit will bring the total silver mined by Polymetal in 2003 to more than 600 tons, putting the company in first place among Russian silver producers and fifth place in the world. Today Polymetal balance reserves (C1+C2) make 205 tons of gold and 22 417 tons of silver. Volume of the company's mineral base (P1+P2) is estimated at 837 tons of gold and 1108 tons of silver.
Moreover, prospecting operations are carried out in 5 regions on the total area of over 1000 km., which allows forecast annual reserve addition of 30 tons of gold and 500 tons of silver. Polymetal Inter-Regional Research and Production Association was found in 1998. It has more than 20 subsidiaries, which carry out mining, exploration, processing and construction with 4000 people employed.
Polymetal has its own mining and exploration division, scientific-research and technological center, project institute. Polymetal is one of the most hi-tech mining companies in Russia and a part of IST group of companies. IST also includes open joint-stock company "Baltiisky plant", machine building plant "Titran" and some other enterprises.
source: Polymetal press release, 4.12.02