Economics

17:34, 21.10.2008 | Russia

Polymetal, Russia's largest silver producer and one of the largest gold producers, said its gold output grew 18% year-on-year in January-September to 211,000 ounces.

Polymetal, which operates in Russia's Far East (the Magadan Region and Khabarovsk Territory), the Urals (the Sverdlovsk Region) and Siberia (the Chita Region and the Krasnoyarsk Territory), said its silver output in the reporting period grew 4% to 12.6 million ounces.
The company's gold output increased 14% year-on-year in the third quarter of 2008 to 75,000 ounces.

The company earlier said it plans to produce 250,000-270,000 ounces of gold and 17-18 million ounces of silver this year.

The company's unaudited revenue over the first mine months of the year increased 73% to $383 million.

The company's stock is divided between businessmen Alexander Nesis (24%), who is Polymetal CEO Vitaly Nesis's brother, Alexander Mamut (some 20%), and the Czech group PPF (25%), with around 24.8% of shares - both ordinary shares and global depositary receipts - traded on the London Stock Exchange and Russian RTS and MICEX.