Russia - Polymetal with new projects of gold and silver
10-07-2008 newspaperPolymetal, the mine-layer of bigger silver of Russia, aspires to increase his commercial value exploiting promising precious metals deposits, said an important new shareholder of the company.
ICT Group, which founded Polymetal and which last month returned like shareholder after an absence of three years, glides to obtain deposits that they contain “tens or more” of tons of gold and silver, pointed out Reuters the vice-president of the group, Nikolai Dobrinov.
“Several years ago we attend the capitalists' arrival that, after receiving initially positive results of the search of minerals, they find necessary now or to sell his deposits or to find an associate to develop them,” Dobrinov added.
“Polymetal is an ideal buyer of these potentially interesting deposits, why it possesses the experience of constructing seven mining companies of nothing, the technology and the finance,” it supported in comments approved for his publication on Thursday.
“Such buys will be the principal strategic element of the development of Polymetal,” it added.
Polymetal, which is also the third mine-layer of gold of Russia, should treble his profit this year because the yellow metal operates close to maxima and after that the company will liquidate a coverage for the prices of the silver that it affected to the income in 2007, indicated Dobrinov.
ICT Group controlled by the businessman Alexander Nesis - brother of the executive president of Polymetal, Vitaly Nesis - possesses 24 %. He was one of three buyers of the combined participation of 68 % in Polymetal sold by 2.000 million dollars last month for the multimillionaire Suleiman Kerimov.
The businessman Alexander Mamut and the signature of Czech investment PPF were other buyers. Kerimov had bought the company for 900 million dollars in 2005.
Dobrinov said that Polymetal would look for projects principally in Russia and that it was not gliding to borrow money for this end.
An example of the strategy, it indicated, was the buy for 7 million dollars of the déposito Albazino in the Far East of Russia in 2006.
10-07-2008 Reuters
