Polymetal International

"Polymetall" redirects here. For the substance, see Polymetal.

Coordinates: 59°51′18″N 30°16′55″E / 59.855°N 30.282°E / 59.855; 30.282

Polymetal International plc
Public limited company
Traded as LSE: POLY
MCX: POLY
Industry Mining
Founder Alexander Nesis (ICT Group)
Key people
 Bobby Godsell (Chairman)
Vitaly Nesis (Group CEO)
Products Gold, Silver, Copper
Revenue US$ 1,441.1 million (2015)[1]
US$ 479.1 million (2015)[1]
US$ 221.0 million (2015)[1]
Owner Alexander Nesis (ICT Group)
Alexander Mamut
Petr Kellner (PPF Group)
Website www.polymetalinternational.com/

Polymetal International plc is a precious metals mining company registered in Saint Helier, Jersey. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

History

Polymetal Group of companies was founded in 1998 in Saint Petersburg by Alexander Nesis of ICT Group.,[2] and since then it has built a portfolio of gold and silver mines in Russia and Kazakhstan.[3]

Polymetal International plc was incorporated in Jersey in July 2010 to become the new holding company of the Group.

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.[4] In December 2011 Polymetal International became one of the first two Russian-originated companies to be included in the FTSE 100 Index.[5]

Operations

Polymetal's open pit mine in Khabarovsk. Image source: ICT Group

The company is the third global primary silver producer, the largest silver and the fourth gold producer in Russia.[6] It produced 810 Koz of gold equivalent in 2011. Production output in 2011 consisted of 55% gold, 41% silver and 4% copper.[7] In 2008 it produced 17.2 million ounces of silver and 285,000 ounces of gold.[8]

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.

The Group organises its operations into six operational units, which are categorised into centralised processing hubs and stand-alone mines.[3]

Hubs:

Stand-alone mines:

Reserves

As at 1 January 2012 [9]

Ore reserves (proved+probable), gold equivalent Moz 14.3
Gold, Moz 9.2
Silver, Moz 297.0
Copper, Kt 43.4
Mineral Resources (indicated+measured+inferred), gold equivalent Moz 13.8
Gold, Moz 10.4
Silver, Moz 181.1
Coppert, Kt 74.0

Polymetal reports mineral reserves and resources estimates in accordance with JORC Code (2004). Mineral resources are calculated in addition to ore reserves. Gold equivalent (GE) data is presented based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios.

Ownership

As of January 2015, Polymetal International plc had a free float of 51%.[10] The remainder was owned by Petr Kellner (18.55%), Alexander Nesis (19.86%) and Alexander Mamut (10.13%).[7]

References

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