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Wednesday, 21st January 2009 (1341 views)

Polymetal has announced that its annual gold output rose by 15 per cent during 2008 to 285,000 ounces, in excess of expectations.

The Russian precious metals mining company reported that its gold production last year was significantly higher than its 2007 total and its revenues increased by 62 per cent to $500 million (£363 million).

Reporting its fourth quarter and full-year results for 2008, the firm explained that gold production grew by 16 per cent over the quarter, boosted by improved grades at its Khakanja property and increased throughputs at Koro and Dukat.

Polymetal has stated that its Albazino-Amursk project remains a "key priority" and has set a target of 280,000-300,000 ounces of gold for 2009.

Vitaly Nesis, Polymetal chief executive, commented: "In 2009 we will continue to leverage the existing asset base as well as aggressively move development-stage projects towards production."

Based in St Petersburg and established in 1998, Polymetal is a precious metals mining company with operations in five areas of Russia - the Magadan, Sverdlovsk and Chita regions as well as the Krasnoyarsk and Khabarovsk territories.

 

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