Polymetal is one of the largest mining companies of Russia engaged in gold and silver production. The Company possesses a high quality portfolio of precious metals deposits with a long operation life. Polymetal is among five world largest producers of silver and is one of the leading gold manufacturers of Russia.

The Company aspires to become a leader in mining precious metals in Russia and former soviet republics. The strategy of Polymetal proposes development of the existing assets, creation of the regional large-scale centers of precious metals processing and manufacturing, and implementation of the geological prospecting program to explore new deposits.
During the decade of its intensive operation Polymetal has acquired a considerable experience in exploration and development of perspective deposits in the following three territories of the Russian Federation: Magadan and Sverdlovsk regions, and the Khabarovsk territory. The Company has established its portfolio of mining enterprises by means of development of the deposits in “greenfield” (“from zero”) regime, and radical renovation of standing enterprises, and, as of today, has acquired solid experience to conduct full cycle management of deposits development - from geological exploration, till the stage of full-scale production. Albazino-Amursk is the largest project of Polymetal. This includes construction of an ore mining and processing enterprise in Albazino and establishing of a pressure leaching factory in Amursk. Over five tons of gold is supposed to be extracted here yearly.
Calculation of the project’s technical and economic indices was accomplished in June 2008. According to the data received, the reserves of the deposit estimate 65 tons of gold, and mineral resources exceed 93 tons. The Company tends to continue active geological exploration in Albazino and, by the startup of the enterprise, expects to increase its ore base up to 150 tons.
Vitaly Nesis, Director General mentioned: “We are very enthusiastic about the perspective of bringing Albazino to a large world standard deposit with the reserves permitting to conduct openworking, to a deposit with high contents and attractive economic indexes of the output”.
The factory which is presently constructed in Amursk with the employment of modern technologies will be the most advanced enterprise of the mining industry in the area. On its basis Polymetal’s industrial center of the Russian Far East will be established. It will conduct processing of golden ore firsts of other mining enterprises of the Far East.
The projects of the Albazino gold-mine and the project of the deposit factory for flotation concentrate production have been designed already; the contracts for all the equipment have been compiled. Also, the basic engineering design of the pressure leaching factory was accomplished in the first quarter of 2009. Contracts for the rest of the equipment will be signed this July.
When navigation was available the Company began shipping mining machinery and construction materials to the deposit needed for manufacturing infrastructure. Daylighting will begin in July 2009, and it is scheduled that as a whole the industrial facility will to be put into operation in 2010.
In 2008, Polymetal acquired Kubaka gold deposit in the Magadan region, and signed a purchase agreement on acquisition of Galtsovoe deposit; in 2009, the Company signed a purchase agreement on acquisition of Sopka Kvartsevaya (quartz hill) deposit. In 2010, it is scheduled to put the new deposits into operation and start gold production.
Within the frames of the development of the Kubaka deposit project, restart of the gold manufacturing factory of 850 thousand tons of annual capacity will be performed. By 2011, when the project is accomplished, the industrial facility will serve small and medium sized deposits in the north-eastern parts of the Magadan region.
In 2009, the Company tends to produce 8 - 9.5 tons of gold and 570 - 590 tons of silver.