Operations
Polymetal owns gold and silver mines in three regions of Russia: the Magadan Region, where it operates the Dukat and Lunnoye mines (and the Lunnoye satellite - Arylakh), the Khabarovsk Territory, where it operates the Khakanja mine (together with its satellite Yurievskoye) and the Sverdlovsk Region, where it operates the Voro mine. Polymetal operates Varvarinskoye gold-copper deposit in Kazakhstan.
The development strategy that Polymetal has adopted through 2012 is aimed at optimizing operations and increasing the effectiveness of existing plants. It also calls for improving current assets through the development of their mineral resources base and forming a new generation of assets, while maintaining total unit production costs at a level of no more than 50% of market prices.
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.
By 2012, Polymetal aims to increase its gold production by more than 100%, to 630 Koz and its silver production by 50%, to 25.6 Moz. This target will be achieved through further development of our existing projects and further potential acquisitions.
Click below for details on Ore reserves and mineral resources Statement
Click below for details on Development Projects