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Download Report In our hands Annual report 2010 Contents 2 Company overview 4 • About us 5 • At a glance 5 • Key performance indicators (KPIs) 8 • Key achievements in 2010 10 Business review 12 • Chairman’s statement 14 • Q&A with the Chief Executive 18 • Strategic review 20 • Operating review 21 Operational performance 24 Hubs review 38 • Exploration 44 • Overview of financial results 54 Corporate social responsibility 56 • Commitment to the UN Global Compact principles 56 • Occupational health and safety 57 • Personnel management 58 • Environmental protection and nature conservation policy 59 • Social projects and charity 60 Corporate governance 62 • Board of Directors 63 • Board Committees 68 • Senior M anagement 70 Shareholder information 72 • Share capital 73 • Dividend policy 74 Consolidated financial statements 118 Appendices 120 • Production statistics 125 • Reserves and Resources 136 • Glossary Annual report 2010 In our hands Gold is probably the earliest metal known to man, and ever since its discovery it has held a special place in the development of civilization. Its extraordinary qualities, characteristics and properties have made it one of the most valuable of the earth’s natural resources, and the range of its applications — from jewellery to medicine, electronics to food and drink, investment to chemistry, industry to currency — underline both its importance to society and the fascination in which it is held. Exploring for gold, the process of extracting it and delivering it in forms that make it easy to use in all its wide range of applications have changed enormously over the years. Today, the application of leading-edge technology has transformed our ability to discover, extract and process gold. In addition, a great number of people are involved — geologists, engineers, miners, drillers, truckers, environmentalists — and at Polymetal we have expert, dedicated people throughout our business who are responsible for delivering this most precious of metals. Our ability to deliver is in our own hands, Vasiliy Kuznetsov and we are confident that we will continue to create Quality control manager value by developing expertise and driving efficiencies. 01_KeyAchivements_ENG_p_2-3.indd 2-3 16.08.2011 13:02:39 POLYMETAL ANNUAL REPORT 2010 COMPANY OVERVIEW About us At a glance Key performance indicators (KPIs) Polymetal is one of the leading Russian and CIS In addition to the listings of our ordinary share gold and silver mining companies with a long term on the RTS and MICEX Stock Exchanges, our glo bal 2010 2009 Change portfolio of high quality assets in Russia and Kazakhstan. de positary receipts have been admitted to trad ing We are one of the top five gold producers in Russia. on the London Stock Exchange since 2007, and our Presence: We are also the leading Russian, and top-five global, share price, driven by the success of our strate gy primary silver producer. and increasing investor interest in gold and other Russia (Magadan and Sverdlovsk Regions, Revenues US$925M US$561M +65% We are committed to our three-pronged strategy, pre cious metals, significantly outperformed our peers focusing on investment in existing assets, driving further in the 12 months to 31 March 2011 — growing Khabarovsk Territory, Chukotka Region), Adjusted EBITDA expansion and optimisation of our centralised processing by 94% over this period. Our market capitalisation US$429M US$242M +77% facilities, and exploration to identify a new generation on 31 December 2010 was US$6.6 billion. Kazakhstan (Kostanay Region). of assets. Net income US$250M US$94M* +166% Project portfolio*: 42 precious metals licences Diluted EPS from continuing US$0.69 US$0.28 +146% operations Polymetal share price performance 2 vs MSCI Emerging Markets Index and FTSE Gold Mines Index total licence area — 8,534 km . TCC/oz gold equivalent US$571 US$479 +19% 220 Sales markets: Russia (86%), Switzerland (9%), China (5%). Cash flow from operations US$230M US$165M* +39% 200 Polymetal (PMTL) Capital expenditures US$420M US$213M* +97% 180 Reserves (JORC)**: 160 FTSE Gold Mines Gold production Silver production 140 Index +43% – 120 Gold Silver Copper 444 Koz in 2010 17.3 Moz in 2010 100 311 Koz in 2009 MSCI Emerging Moz Moz Kt 17.3 Moz in 2009 Markets Index 10 334 58 80 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Gold reserves Silver reserves In 2010 the Company produced 753 thousand ounces Our focus has shifted from silver to gold during the last Quality assets with growing cash flows, a proven +39% –8% two years, with gold now accounting for around 60% development and operational track record, a sub- of gold equivalent; the share of the Company’s revenues 10 Moz in 2010 of our revenues. We are growing steadily, increasing stantial exploration pipeline, a unique strategy fo cused 334 Moz in 2010 our mining presence and production capabilities. During on processing hubs, combined with highly skilled derived from gold was 60%. 7.2 Moz in 2009 365 Moz in 2009 2009 and 2010, we completed six signifi cant ac quisitions pro fessionals throughout the business, clear adherence in Russia and Kazakhstan. Furthermore, during 2010 and to in ternational best practice and the highest standards 2011, we commissioned two new processing facilities of corporate governance and a focus on driving share- * As at 31 December, 2010. at Kubaka and Albazino. holder value, mean that Polymetal is well-positioned ** Throughout the annual report the gold equivalent ounces are calculated using 60:1 gold/silver ratio. * Restated from the Audited Consolidated Financial Statements 2009. as a precious metals stock of choice. 4 5 POLYMETAL ANNUAL REPORT 2010 COMPANY OVERVIEW Mayskoye Map of assets* 850 Ktpa Mayskoye concentrator * Not inclusive of standalone exploration projects; associated map can be found on page 42. Omolon 850 Ktpa Kubaka CIP plant 1.3 Mtpa Birkachan HL plant St. Petersburg Russia Birkachan, Tsokol, Pyatinakh, Sopka Oroch, Burgali Voro Anadyr Dalneye 1 Mtpa (HL) Russia 900 Ktpa (CIP) Ekaterinburg Russia Kostanay Kazakhstan Voro, Fevralskoye South Voro, Magadan Degtyarskoye Volchansky Astana Russia Kazakhstan ANNUAL REPORT 2010 Khakanja Khabarovsk Нub 600 Ktpa Merrill-Crowe plant Russia Dukat 1.5 Mtpa Dukat concentrator Potential hub Varvara 300 Ktpa Lunnoye CIL plant 4.2 Mtpa (Float+Leach) Khakanja, Yurievskoye Ozerny Mine & Processing Avlayakan (underground), Khakanja Amursk POX Hub Dukat, Nachalny-2, Krasin, (underground) 1.5 Mtpa Albazino concentrator Varvara Varvara Goltsovoye, Perevalny, Zvezdny, Operating 250 Ktpa of concentrate Amursk POX plant Lunnoye, Arylakh Kamenisty (flanks) 850 Ktpa Mayskoye concentrator Arylakh (underground), Developing Lunnoye (Zone 7 underground) Key exploration projects Albazino AlbazinoMayskoye Albazino, 1.5 Mtpa Albazino concentrator (Chukotka Region) South and Seaport East Flank POLYMETAL ANNUAL REPORT 2010 COMPANY OVERVIEW August October Key achievements in 2010 Successful completion of feasibility study for the Birkachan Acquisition of the Avlayakan deposit, part of the Omolon project and Kirankan gold and silver deposits Share price movement (LSE) and key company events in 2010 The Study was prepared by Polymetal Engineering and independently The acquisition also includes exploration audited by SRK Consulting (UK), and confirms the technical licences for the Avlayakan-Kirankan and economic feasibility of the project with a likely 13-year lifespan. and Maymakan-Kundumi watershed properties, all located in the Khabarovsk Territory in the Far East of Russia. August February August The four licences cover a total area Successful completion of feasibility of 323 km2, and could provide additional Award of licence for the geological First pouring of gold at the Kubakа plant study for the Mayskoye gold project feed to our existing Khakanja plant. survey, prospecting and mining and start of processing plant The first doré bar was poured at the Kubaka of hard rock gold on the eastern construction at the mine site processing facility, a year ahead of schedule. flank of the Albazino ore field The refurbished Kubaka processing facility in the Khabarovsk Territory The study was prepared by Polymetal was originally commissioned in 1997 by Kinross Engineering and independently audited Gold Corporation and is part of our Omolon The results of geophysical and geochemical December by Snowden Mining Industry Consultants, Hub, which also includes the Birkachan, Sopka, studies confirm that the eastern section Acquisition of the Svetloye and confirms not only that the project Oroch, Tsokol, and Dalneye deposits. of the Albazino ore field has the potential gold deposit is technically and economically feasible, to become an attractive addition but also that the resources are sufficient to the already substantial existing Polymetal acquired the licence for to sustain the operation of the facility Albazino resources. September gold prospecting and mining at Svetloye, for at least 13 years. According Launch of the second employee incentive programme located in the Khabarovsk Territory, to the study, total resources for US$9.25 million. Acquisition are 7.5 million ounces of gold, The objective of the programme is to attract, motivate, reward, of the Svetloye gold deposit is aimed and probable reserves are 2.4 million February and retain key employees, as well as to align their interests with those at broadening Polymetal’s late-stage ounces of gold. Announcement of positive first resource of the shareholders by linking long-term remuneration to the Company's exploration in the area and extending estimate for the Tsokol gold deposit share price performance. Polymetal has set up and financed a bonus fund the life expectancy of the Company’s A decision was made to build of up to 30 million ordinary shares, to be sold to participants Khakanja facility. an underground mine and on-site at their nominal price of RUB1 per share. The Tsokol resource adds to our portfolio flotation concentrator with an annual of high-grade open-pit properties capacity of 850,000 tonnes of ore. which surround the Omolon Hub.
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