Polymetal diversifies its development program. Sale of shares of its subsidiary Bashkortostan Gold Mining Company is aimed at the optimization of operation.
Striving for the reinforcement of its position among the world silver and gold mining leaders Polymetal Inter-Regional Research and Production Association constantly diversifies its development program.
The company tries to achieve maximum effective management and rational utilization of gold mining facilities. Being the proprietor and developer of deposits, the company operates in 7 Russian regions and at 17 mining facilities (having various degree of involvement into their development).
For the purpose of the optimization of its operation and reorientation of investment flows into more promising deposits, Polymetal sold part of shares of its subsidiary Bashkortostan Gold Mining Company, which conducts development of Murtykty deposit in Uchalinsky district, to one of the local mining companies. Closed joint-stock company Research and Production company Bashkortostan Gold Mining Company is Polymetal's first venture enterprise, its main industrial ground, where the state of the art methods and technologies were applied for the first time. Polymetal scientists developed many of these technologies and took out patents for them. Among such achievements are: - Preparation of gold auriferous ores for heap-leaching method and winter heap-leaching, which was applied here for the first time.
Now these achievements are widely applied at one of the largest company"s deposits Vorontsovskoye and it allows to process ore all year round. - Preparation of the productive solutions resistant protective base-schields for heap-leaching (an important ecological aspect of gold mining) - Preparation of the productive solutions resistant protective base-schields for heap-leaching (an important ecological aspect of gold mining) - Distillation of mercury out of gold containing sediments at the self-invented equipment and so on.
Since 1996 Bashkortostan Gold Mining Company has mined 2067 kilograms of gold and 9200 kilograms of silver at Murtykty and Zapadno-Ozernoye deposits. Polymetal Inter-Regional Research and Production Association - is a holding company with its headquarters in St-Petersburg. Its subsidiaries possess 18 licenses for utilization of gold and silver containing mineral reserves in 7 Russian regions with different extent of involvement into their development. The volume of resource base of the company is estimated in 600 tones of gold. In 2001 the company mined 2,9 tones of gold and more than 3 tones of silver. Polymetal Inter-Regional Research and Production Association is a part of ICT Group (Investments, Construction and Technologies)
source: "Polymetal" press release, 20.03.02