OJSC Polymetal

JSC Polymetal
ОАО Полиметалл
Type Public company (RTS:PMTLS
MICEX: PMTEL
LSE: PMTL)
Industry Mining
Founded 1998
Founder(s) Alexander Nesis (ICT Group)
Headquarters St. Petersburg, Russia
Number of locations 6 mines
Key people Ilya Yuzhanov, (Chairman)
Vitaly Nesis, (CEO)
Products Precious metals
Revenue US$ 925.4 million (2010)[1]
Operating income US$ 328.5 million (2010)[1]
Net income US$ 239.0  million (2010)[1]
Owner(s) Alexander Nesis (ICT Group)
Alexander Mamut
Petr Kellner (PPF Group)
Employees 4,785
Website www.polymetal.ru

Open Joint Stock Company ('OJSC') Polymetal (RTS:PMTLS, MICEX: PMTEL, LSE: PMTL) (Russian: ОАО «Полиметалл») is a precious metals mining company based in Russia. The company is listed on Moscow Stock Exchange and London Stock Exchange.

Contents

History

The company was founded in 1998 in Saint Petersburg by Alexander Nesis of ICT Group.[2] In October 2011, Polymetal successfully completed the placing of £491m of shares on the London Stock Exchange, valuing the company at £3.55bn and making it the first Russian-founded company to obtain a premium listing at the LSE.[3] Polymetal is expected to become a FTSE 100 company by the end of 2011.[4]

Operations

The company is the third global primary silver producer, the largest silver and the fourth gold producer in Russia.[5] It produced 17.2 million ounces of silver and 285,000 ounces of gold in 2008.[6]

Polymetal owns gold and silver mines and carries out exploration activities in four regions of Russia (the Magadan Region, the Khabarovsk Territory, the Sverdlovsk Region and the Chukotka Autonomous Okrug) and in Kazakhstan. Its portfolio of projects contains 36 licences covering a territory of over 7,800 km2.

Polymetal’s most promising deposit is Albazino located in the Khabarovsk Territory, which contains JORC mineral resources estimated at approximately 3 Moz of gold. The Company plans to continue active exploration work at Albazino and expects that its resource base will grow to 5–6 Moz by the time the operation begins production.

References

  1. ^ a b c Annual Financial Statements 2010
  2. ^ The unassuming billionaire: MB meets Polymetal founder Alexander Nesis Metal Bulletin, 20 July 2011
  3. ^ "Polymetal placing values miner at £3.5bn" The Financial Times, 28 October 2011. Retrieved 01-11-2011.
  4. ^ "Incubator behind Polymetal's move to London" The Financial Times, 1 November 2011. Retrieved 03-11-2011.
  5. ^ Polymetal: about us
  6. ^ "Russia's Polymetal boosts 2008 gold, silver output , Reuters". Uk.reuters.com. http://uk.reuters.com/article/hotStocksNews/idUKLL5085520090121. Retrieved 14 May 2011. 

External links

RTSI companies of Russia
MSCI Russia companies