Polymetal Announces 2Q Production Results
OREANDA-NEWS. July 22, 2010. JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announced its production results for the quarter and six months ended June 30, 2010, reported the press-centre of Polymetal.
Gold production in the second quarter jumped 61% year-on-year due to increased throughputs at Dukat and Voro, higher grades at Voro and Khakanja, and contribution from Varvarinskoye. Without accounting for Varvarinskoye, quarterly production of gold increased by 32% y-on-y
Quarterly silver production grew by 13% y-on-y due to increased throughput at Dukat and higher grade at Khakanja
First gold in the year was poured at Birkachan, part of Omolon operations, as cyanide solution was applied to ore stacked in 2009. Stacking at Birkachan is continuing and the Company is on track to restart the CIP plant at Kubaka in August to treat high-grade ore
The key results of both Birkachan and Mayskoye feasibility studies along with reserve statements prepared in accordance with the JORC Code (2004) and audited by SRK and Snowden correspondingly will be released within a month
All development projects remain to be on schedule with start-up of Albazino and Amursk planned for Q4 2010 and Q2 2011 respectively
The Company reiterates its guidance to produce 430-450Koz of gold, 19-20Moz of silver and 4.0-5.0Kt of copper, or 775-800 Koz of gold equivalent (based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios) in 2010
"In the second quarter of 2010 we saw sustained and stable production growth across our operations," said Vitaly Nesis, CEO of Polymetal.
"The start-up of mills at Kubaka and Albazino will be the key priority in the second half of this year".
Gennady Kuzmenko, 39 assumed the position of managing director at the Dukat Operations, replacing Viktor Demeschik, 50, who moved to Polymetal's headquarters in St. Petersburg. Gennady is a graduate of the St. Petersburg Mining Institute with a degree in Metallurgy. He started working at Polymetal in 2004 as VP-Human Resources at Dukat and most recently was the MD of Khakanja.
Alexandr Akamov, 39, was promoted to be the MD at Khakanja. Alexandr graduated from the Irkutsk Polytechnic University with a degree in Exploration. He joined Polymetal in 2002 and most recently was VP-Supply Chain Management at Albazino.
Vladimir Shamin, 56 became the MD at Amursk, a position previously combined with the job of MD at Albazino. After graduating from the Tomsk Polytechnic Institute with a degree in Physics in 1977 and until joining Polymetal in January 2010, Mr. Shamin has been working at the Navoi Mining and Metallurgy Combinat, the largest gold and uranium producer in Uzbekistan.