Polyus Zoloto founded a sub

Polyus Zoloto founded a sub Polyus Geolograzvedka which will get the licenses for the development of the fields of the early stage of prospecting, as it was informed.

This project is a part of the program aimed to develop the prospecting business stipulated in the strategic plan of the Company till 2015.

A.Osenmuk will be appointed the director general of the new company.

Polyus Zoloto is a leading gold producer and is included into the list of the largest gold makers in the world by the volume of the reserves and production. It was set up through the withdrawal of the gold assets of Nornickel into the independent company. In 2006 the output rose 17% to gain 37.8 ton of gold. The assets involve the fields in Krasnoyarsky, Irkutsky, Magadansky and Amursky region, and Sakha Republic. In 2006 the Company managed to double the gold reserves to 50.8mln ounces.

The 2005-revenues (ISA) increased 7% to reach $473.18mln; profit increased to $115.397mln rub.; pretax profit - $166.665mln; the 2006-revenues (ISA) are assumed to come to $739mln or 56% higher prior year figures. EBITDA is expected to exceed $300mln; operating profit - $200mln.

// Apr. 2, 2007

Resource: AK&M News