Russian precious metals miner Polymetal expects 2012 gold output to range from 590,000-640,000 ounces, up from 443,000 ounces last year, as it expands mining operations, it said on Thursday. Silver output is expected between 21-23 million ounces this year, up from 17 million ounces in 2011.
"The Polymetal team is firmly focused on delivering further growth in 2012 driven by the start-up of the Amursk POX facility and achievement of full production capacity at Omolon," Chief Executive Vitaly Nesis said. The company produced 6.4 million ounces of silver in the fourth quarter, up from 3.9 million ounces in the year-earlier period.
The group, controlled by tycoons Alexander Nesis and Alexander Mamut with Czech investor PPF, achieved gold output of 153,000 ounces, up from 116,000 ounces in the fourth quarter of 2010. Polymetal became the first of several Russian miners to fulfil its ambition of achieving a listing on the FTSE 100 in October. Rival Polyus Gold also wants to list its shares on the index. Polymetal expects to begin pouring gold at its POX plant at Amursk in the Russian Far East in March, while Omolon will boost output as its winter road is now fully operational.
Comments
Comments are closed for this article.