Q2 2013 production results

RNS Number : 3301K

Polymetal International PLC

29 July 2013

 



Release time	IMMEDIATE
Date	29 July 2013

Polymetal International plc

Q2 2013 production results

Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to announce the Group's production results for the second quarter and six months ended June 30, 2013.

HIGHLIGHTS

·     Total gold equivalent production for the first half of the year was 559 Koz, up 11% compared to the first half of 2012 driven by contributions from the Amursk POX plant and the commencement of seasonal concentrate shipments to off-takers at Albazino. Gold equivalent production for the second quarter was an all-time record of 323 Koz, up 9% year-on-year.

·     The implementation of corrective measures at the Amursk POX plant is progressing on schedule. The long maintenance shutdown was successfully completed in early July. Currently, daily concentrate throughput stands at 85-90% of design capacity while recoveries in July are averaging 86-88%.

·     The Mayskoye concentrator was started up in April and is currently making solid progress towards full capacity by October. Concentrate shipment to off-takers will commence in early August. 

·     As a result of the strategic review, Polymetal is implementing measures aimed at maintaining free cash flow generation and capacity to pay dividends in the current market environment. Open-pit mining has been suspended at Birkachan (Omolon hub), and mining volumes have been re-allocated within the Omolon and Khakanja hubs.

·     The Company is currently testing its assets for impairment at lower commodity prices in accordance with IFRS requirements. Polymetal expects a non-cash impairment charge to be recorded in the 1H financial statements, mostly representing the write-off of goodwill and some low-grade ore stockpiles. The total pre-tax value of impairment charges is expected to be between US$280 and US$340 million, subject to ongoing audit review.   

·     Polymetal remains on track to deliver its annual gold equivalent production guidance of 1.2 Moz in 2013, with further production growth in the second half of the year to be driven by the commencement of sales of Mayskoye concentrate, and continued improvement of throughput and recoveries at the Amursk POX.

"We have achieved solid operating results and are now well positioned to deliver on our annual production targets", said Vitaly Nesis, CEO of Polymetal, commenting on the results. "Our key growth projects, Mayskoye and Amursk POX, are both on track to achieve design capacity and will further contribute to production growth in the second half of the year".

	3 months ended Jun 30,		% change1	6 months ended Jun 30,		% change1
	2013	2012		2013	2012
Waste mined, Kt	22,749	23,760	-4%	43,124	42,451	+2%
Underground development, m	14,038	11,416	+23%	27,596	22,575	+22%
Ore mined, Kt	2,261	2,667	-15%	5,155	5,778	-11%
Open-pit	1,612	2,256	-29%	3,932	4,963	-21%
Underground	649	411	+58%	1,223	815	+50%
Ore processed, Kt	2,928	2,676	+9%	5,212	4,871	+7%
Production
Gold, Koz	190	154	+23%	311	256	+22%
Silver, Moz	7.5	8.1	-7%	14.0	13.8	+2%
Copper, tonnes	1,483	1,624	-9%	2,838	3,179	-11%
Gold equivalent, Koz2	323	298	+9%	559	501	+11%
Sales
Gold, Koz	193	122	+58%	295	226	+30%
Silver, Moz	5.2	6.4	-19%	10.9	12.5	-12%
Copper, tonnes	2,566	1,645	+56%	3,628	3,627	+0%
Revenue, US$m3	399	369	+8%	740	766	-3%
Safety5
LTIFR	-	0.48	-100%	0.12	0.60	-80%
FIFR	-	-	NA4	-	-	NA
Notes:     (1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all the tables in this release.                 (2) Based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios.                 (3) Calculated based on the unaudited consolidated management accounts. Concentrate sales are recorded based on forward prices for the expected dated of final settlement and concentrate revenue is presented net of refining and treatment charges.                 (4) NA = not available                 (5) LTIFR =lost time injury frequency rate; FIFR = fatal injury frequency rate

CONFERENCE CALL AND WEBCAST

Polymetal will hold a conference call and webcast on Monday, July 29, 2013 at 2:30 pm London time (5:30 pm Moscow time).

To participate in the call, please dial:

[phone] (free from Moscow), or

[phone] (free from the UK), or

[phone] (toll-free from the US), or

any of the above numbers (from outside the UK, the US and Russia), followed by the access code 282566#, or follow the link:

http://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=2027 

Please be prepared to introduce yourself to the moderator or register.

Webcast replay will be available on Polymetal's website (www.polymetalinternational.com) and at http://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=2027. A recording of the call will be available immediately after the call at [phone], [phone] and [phone], access code 282566#, from 6:30 pm Moscow time Monday, July 29, till 6:30 pm Moscow time Monday, August 5, 2013.

Enquiries

Media		Investor Relations
College Hill Leonid Fink Tony Friend	[phone]	Polymetal Maxim Nazimok Evgenia Onuschenko Elena Revenko	[e-mail] [phone] (Russia) [phone] (UK)
Joint Corporate Brokers
Morgan Stanley Bill Hutchings Sandip Patodia	[phone]	Canaccord Genuity Andrew Chubb	[phone]

FORWARD-LOOKING STATEMENTS

THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED

DUKAT OPERATIONS

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Dukat
Waste mined, Kt	-	280	-100%	-	596	-100%
Underground development, m	7,838	5,701	+37%	15,828	11,736	+35%
Ore mined, Kt	322	347	-7%	634	719	-12%
Open-pit	-	43	-100%	-	114	-100%
Underground	322	304	+6%	634	604	+5%
Goltsovoye
Underground development, m	1,794	1,203	+49%	3,300	2,113	+56%
Ore mined (underground), Kt	48	14	+251%	86	20	+338%
Lunnoye + Arylakh
Waste mined, Kt	400	636	-37%	809	1,378	-41%
Underground development, m	1,825	1,264	+44%	3,244	2,179	+49%
Ore mined, Kt	113	102	+10%	223	192	+16%
Open-pit	29	48	-40%	65	90	-28%
Underground	84	54	+54%	158	102	+55%
PROCESSING
Dukat
Ore processed, Kt	406	387	+5%	818	771	+6%
Head grades
Gold, g/t	0.72	0.75	-5%	0.69	0.67	+4%
Silver, g/t	423	461	-8%	412	411	+0%
Recovery1
Gold	83.5%	78.4%	+7%	83.4%	78.8%	+6%
Silver	85.8%	84.0%	+2%	85.5%	83.0%	+3%
Production
Gold, Koz	8.0	7.1	+12%	15.5	13.0	+20%
Silver, Moz	4.8	4.6	+3%	9.4	8.3	+13%
Lunnoye
Ore processed, Kt	81	79	+3%	168	164	+2%
Head grades
Gold, g/t	1.2	1.1	+6%	1.1	1.3	-14%
Silver, g/t	428	419	+2%	423	422	+0%
Recovery1
Gold	87.1%	90.9%	-4%	87.9%	91.6%	-4%
Silver	89.2%	87.3%	+2%	88.8%	87.5%	+2%
Production
Gold, Koz	2.4	2.5	-6%	5.1	6.3	-19%
Silver, Moz	0.9	0.9	-1%	2.0	1.9	+4%
TOTAL PRODUCTION
Gold, Koz	10.4	9.7	+7%	20.6	19.2	+7%
Silver, Moz	5.7	5.5	+3%	11.3	10.2	+11%

Note:       (1) Technological recovery, includes gold and silver within work-in-progress inventory (concentrate, precipitate)

Quarterly silver production at Dukat increased by 3% compared to same period of prior year ("year-on-year") driven by further improvement in throughput and recoveries at the Omsukchan concentrator with both parameters hitting all-time highs in the quarter. Silver production in the first half of the year was 11.3 Moz, up 11% compared to the same period of 2012.

The flotation concentrate from Dukat is now sold to an expanded off-taker base in countries including Kazakhstan, Japan and South Korea. A substantial portion of Dukat concentrate was also trucked to the Kubaka mill to ensure higher recoveries. These developments have increased the amount of concentrate in transit and led to silver sales lagging behind silver production. This situation is expected to reverse as Lunnoye processing plant is debottlenecked to accommodate higher volumes of concentrate in Q4 2013.

Open-pit mining at Dukat ceased while Arylakh continued as a combined open-pit and underground operation on the back of reserve growth generated by in-fill drilling.

The development of Olcha was postponed by 1 year. The decision about the direction of ore shipment from Olcha (Lunnoye or Kubaka mills) will be taken in Q4 2013 after taking into account commodity prices.

KHAKANJA

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Khakanja + Yurievskoye
Waste mined, Kt	952	1,590	-40%	1,245	3,378	-63%
Underground development, m	-	439	-100%	-	882	-100%
Ore mined, Kt	6	307	-98%	293	632	-54%
Open-pit	6	274	-98%	288	562	-49%
Underground	-	33	-100%	5	70	-93%
Avlayakan
Waste mined, Kt	402	349	+15%	783	704	+11%
Ore mined (open pit), Kt	26	16	+61%	41	25	+66%
Ozerny
Waste mined, Kt	1,192	-	NA	2,203	-	NA
Ore mined (open pit), Kt	29	-	NA	140	-	NA
PROCESSING
Ore processed, Kt	151	159	-5%	302	308	-2%
Grade
Gold, g/t	4.1	4.1	-1%	3.9	3.9	-1%
Silver, g/t	159	330	-52%	167	295	-43%
Recovery1
Gold	95.0%	94.5%	+0%	95.1%	94.7%	+0%
Silver	84.4%	78.5%	+8%	82.9%	78.0%	+6%
TOTAL PRODUCTION
Gold, Koz	18.8	20.5	-9%	35.3	36.7	-4%
Silver, Moz	0.6	1.3	-52%	1.3	2.3	-41%

Note:       (1) Technological recovery, includes gold and silver within work-in-progress inventory (precipitate)

Gold production at Khakanja in Q2 was 18.8 Koz, up 14% quarter-on-quarter, while quarterly silver production decreased by 6%, mainly due to the processing of the remaining stockpile of high gold grade ore from Yurievskoye and increased share of ore from Ozerny with higher gold and low silver grades.

At Khakanja open-pit mine, the volume of ore mined has been reduced significantly due to a revision of the production programme in response to lower prices and sufficient availability of feedstock from Yurievskoye and Ozerny during the quarter.

Ore mining at Ozerny is being seasonally reduced after the completion of ore trucking by winter road.  At Avlayakan, stripping and ore mining accelerated ahead of ore shipping in the navigation season, with an increase of 5% and 74% quarter-on-quarter, respectively.

Throughput at the Khakanja mill remained stable at 151 Kt, while the average gold grade increased by 14% quarter-on-quarter to 4.1 g/t driven by higher grades from Yurievskoye and Ozerny while the silver grade declined 10% to 159 g/t due to lower share of ore from Khakanja's pit 3.

VORO

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Voro
Waste mined, Kt	2,659	3,000	-11%	5,813	5,632	+3%
Ore mined (open pit), Kt	466	245	+90%	731	429	+70%
-     primary	201	185	+8%	405	369	+10%
-     oxidised	265	60	+343%	326	60	+444%
PROCESSING
Voro Heap Leach
Ore stacked, Kt	262	319	-18%	262	319	-18%
Gold head grade, g/t	1.4	1.4	-	1.4	1.4	-
Gold recovery	73.8%	73.3%	+1%	73.2%	73.0%	+0%
Gold production, Koz	4.7	6.7	-30%	8.8	11.6	-24%
Voro CIP
Ore processed, Kt	232	232	+0%	447	451	-1%
Gold head grade, g/t	6.2	5.2	+19%	6.1	5.4	+13%
Gold recovery	79.1%	78.4%	+1%	79.6%	78.5%	+1%
Gold production, Koz	33.9	30.0	+13%	64.5	57.2	+13%
TOTAL PRODUCTION
Gold, Koz1	38.6	38.0	+1%	76.4	70.2	+9%
Silver, Moz	0.028	0.034	-16%	0.048	0.067	-28%

Note:       (1) Including the effect of rounding

Gold production at Voro for 1H 2013 was up 9% year-on-year, driven by the improved grade profile at the CIP plant, modest increase in recoveries, and stable throughput. Purchases of third-party ore were discontinued in response to lower gold prices in Q2.

The open-pit mine at Voro demonstrated stable performance in terms of both volume and grade. With the reduction of the stripping ratio in the second quarter, ore mined increased by 76% quarter-on-quarter, mainly represented by oxidized ore from the Southern pit to be used in heap leaching.

VARVARA

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Waste mined, Kt	7,899	6,596	+20%	15,912	12,453	+28%
Ore mined (open pit), Kt	412	1,007	-59%	927	1,923	-52%
PROCESSING
Flotation
Ore processed, Kt	254	259	-2%	505	487	+4%
Grade
Gold, g/t	1.1	1.3	-16%	1.1	1.4	-18%
Copper	0.69%	0.73%	-5%	0.67%	0.77%	-12%
Recovery1
Gold	57.6%	68.1%	-15%	58.4%	61.7%	-5%
Copper	91.0%	92.0%	-1%	90.4%	91.3%	-1%
Production
Gold (in concentrate), Koz	4.9	6.9	-29%	9.8	12.0	-18%
Copper (in concentrate), t	1,483	1,624	-9%	2,838	3,179	-11%
Leaching
Ore processed, Kt	679	714	-5%	1,346	1,394	-3%
Gold head grade, g/t	1.2	1.0	+22%	1.2	1.1	+12%
Gold recovery1	83.4%	83.6%	-0%	82.2%	85.4%	-4%
Gold production (in dore), Koz	21.2	18.3	+16%	40.9	37.8	+8%
TOTAL PRODUCTION
Gold, Koz	26.1	25.2	+4%	50.7	49.8	+2%
Copper, t	1,483	1,624	-9%	2,838	3,179	-11%

Note:       (1) Technological recovery, includes gold and copper within work-in-progress inventory

At Varvara, gold production in Q2 was 26.1 Koz, up 6% quarter-on-quarter driven mainly by the increase in recoveries at the leaching circuit. Copper production increased by 9% quarter-on-quarter to 1,483 t on the back of an increase in copper grade processed.

Stripping at Varvara in Q2 accelerated by 20% year-on-year and remained flat quarter-on-quarter. The volumes of ore mined for both float and leach circuits in the period continued to be lower due to availability of sufficient stockpiles while average grades in ore mined improved both for gold and copper.

OMOLON OPERATIONS

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Sopka
Waste mined, Kt	2,377	3,210	-26%	4,122	4,931	-16%
Ore mined (open pit), Kt	71	128	-45%	464	529	-12%
Birkachan
Waste mined, Kt	1,041	3,325	-69%	1,932	4,876	-60%
Ore mined (open pit), Kt	217	105	+107%	586	590	-1%
Tsokol
Waste mined, Kt	1,272	1,009	+26%	1,855	1,313	+41%
Ore mined (open pit), Kt	62	19	+229%	112	31	+264%
Dalneye
Waste mined, Kt	152	-	NA	152	-	NA
PROCESSING
Kubaka Mill
Ore processed, Kt	173	177	-2%	357	348	+3%
Grade
Gold, g/t	6.9	8.0	-14%	5.1	6.1	-16%
Silver, g/t	260.3	244.4	+7%	129.1	138.8	-7%
Recovery1
Gold	96.7%	96.0%	+1%	95.7%	95.2%	+1%
Silver	88.3%	87.1%	+1%	87.8%	86.4%	+2%
Gold production, Koz	36.7	46.1	-20%	56.0	65.0	-14%
Silver production, Moz	1.2	1.2	-2%	1.2	1.2	-1%
TOTAL PRODUCTION
Gold, Koz	36.7	46.1	-20%	56.0	65.0	-14%
Silver, Moz	1.2	1.2	-2%	1.2	1.2	-1%

Note:       (1) Technological recovery, includes gold and silver within work-in-progress inventory

At Omolon, quarterly gold production decreased by 20% year-on-year while silver production remained flat. This was driven by lower gold grades and stable silver grades in the ore from Sopka which was mainly processed during the period.  

At Birkachan, mining was suspended for 9 months effective from June and the start-up of the heap leach facility was postponed by 1 year in response to adverse gold price movements.  More than 200 employees were made redundant as a result, with severance costs to be recorded in 1H financial statements.

At Tsokol, stripping more than doubled quarter-on-quarter and ore mined grew to 62 Kt, up 25% quarter-on-quarter. The increased amount of ore from Tsokol is expected to compensate for the suspension of mining at Birkachan in the end of the year.

Pre-production stripping commenced at Dalneye, a satellite deposit of Sopka, where ore mining will be brought forward following the strategic review. First ore is expected to be mined in the fourth quarter.

ALBAZINO-AMURSK

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Waste mined, Kt	4,404	3,322	+33%	8,297	6,472	+28%
Ore mined (open pit), Kt	294	365	-19%	579	644	-10%
PROCESSING
Albazino concentrator
Ore processed, Kt	404	351	+15%	722	629	+15%
Gold head grade, g/t	5.7	4.9	+16%	6.1	4.6	+32%
Gold recovery1	86.7%	87.9%	-1%	87.7%	86.3%	+2%
Concentrate produced, Kt	36.9	29.6	+25%	70.6	51.3	+38%
Concentrate gold grade, g/t	54.3	51.4	+6%	54.3	48.9	+11%
Gold in concentrate, Koz2	64.3	48.9	+32%	123.3	80.6	+53%
Concentrate sold, Kt	20.4	5.4	+277%	20.4	5.4	+277%
Payable gold in concentrate sold, Koz3	31.1	8.3	+274%	31.1	8.3	+274%
Amursk POX
Concentrate processed, Kt	25.1	6.4	+294%	46.2	6.4	+626%
Gold head grade, g/t	47.1	38.3	+23%	48.3	38.3	+26%
Recovery	82%	90%	-9%	79%	90%	-13%
Gold produced, Koz	28.4	6.5	+338%	41.3	6.5	+538%
TOTAL PRODUCTION
Gold, Koz	59.5	14.8	+302%	72.4	14.8	+389%

Notes:     (1) To concentrate

                (2) For information only; not considered as gold produced and therefore not reflected in the table representing total production

                (3) Included in total production upon sale to off-taker

Gold production at Albazino/Amursk was a record 59.5 Koz driven by further improvements at the Amursk POX plant and the commencement of concentrate sales at Albazino to Chinese off-takers.

Grades at Albazino improved significantly as dilution was reduced almost twofold with significant amounts of rock re-classified from ore to mineralized waste. This resulted in an increase of the stripping ratio.

The Amursk POX plant has progressed steadily through the planned set of remedial measures. The total concentrate throughput during April - May was 25.1 Kt, followed by a scheduled maintenance shutdown which lasted 6 weeks from the end of May until the beginning of July. Average recoveries in Q2 increased to 82% compared to 75% in Q1.

Shortly after re-launch, daily throughput ramped up to the design capacity, with July daily throughput to date exceeding May throughput by 30%. A further increase in recoveries was achieved, now reaching 86-88%. Further recovery improvements are expected in October, after an upgrade of the water treatment unit, which is expected to take place in September.

MAYSKOYE

	3 months ended Jun 30,		% change	6 months ended Jun 30,		% change
	2013	2012		2013	2012
MINING
Underground development, m	2,581	2,809	-8%	5,224	5,665	-8%
Ore mined (underground), Kt	195	6	NM	340	18	NM
PROCESSING
Ore processed, Kt	133	-	NA	133	-	NA
Gold head grade, g/t	5.6	-	NA	5.6	-	NA
Gold recovery1	55.1%	-	NA	55.1%	-	NA
Concentrate produced, Kt	9.4	-	NA	9.4	-	NA
Concentrate gold grade, g/t	43.9	-	NA	43.9	-	NA
Gold in concentrate, Koz2	13.2	-	NA	13.2	-	NA

Notes:     (1) To concentrate

                (2) For information only; not considered as gold produced and therefore not reflected in the table representing total production

The first 13.2 Koz of gold in concentrate were produced at the newly launched Mayskoye concentrator during the quarter.

A total of 133 Kt of ore was processed, with low-grade material used during the initial stages of the ramp-up (average grade processed was 5.6 g/t). The recoveries averaged 55.1% while currently already approaching 80%. The ramp-up is progressing as planned and design parameters are expected to be fully achieved in October.

First batches of concentrate are being delivered to the port of Pevek for further shipment to off-takers in China, with the first shipment scheduled for early August.

The underground mine is performing in line with expectations, with a further 35% increase achieved in ore mined quarter-on-quarter.

PERSONNEL

Igor Nikolishin (37) was appointed Managing Director of Mayskoye. Mr. Nikolishin joined Polymetal in 2011 as chief engineer at Lunnoye and worked as site manager of Lunnoye since May 2012.  Mr Nikolishin holds a degree in mining from the East Kazakhstan State Technical University. The previous MD of Mayskoye, Alexandr Zarubin (50), was transferred to a position at UralPolymetal, Company's JV in Yekaterinburg region.

Viktor Nikitanov (52) was appointed Managing Director of the Amursk POX plant. Prior to this appointment he worked at Amursk POX since 2011 as superintendent of the processing plant and later as the chief engineer. Mr. Nikitanov has a degree in processing of mineral resources from the Krivoy Rog mining institute. The previous MD of Amursk, Vladimir Shamin (62) left for personal reasons.

Dmitry Igumnov (37) was appointed as MD - Svetlobor project, re-joining Polymetal after a 12-month sabbatical. Mr. Igumnov initially joined Polymetal in 2004 as VP-Procurement at Dukat and rose to the position of Polymetal's EVP-Supply Chain Management which he held in 2008-2011. Mr. Igumnov holds a degree in engineering and navigation from the Baltic State Marine Academy.

 

END

 

 

MSCSEUSIUFDSELW