Polymetal reported 1H 2010 financial results for its Russian operations. During the reporting period the company mined 2,807 kt ore from open pits and 496 kt from underground mining operations therefore producing 209,000 oz gold, 9.6 Moz silver and 1,943 tonnes copper.
Polymetal announced its production results for the quarter and six months ended for 2010. Quarterly production of gold increased by 32%, and production of silver increased by 13%.
Polymetal reported 2009 production results for its Russian operations. The Dukat mine produced 26,400 oz gold and 11.8 Moz silver while the Lunnoye mine produced 12,700 oz gold and 3.7 Moz silver. At Dukat annual silver production decreased by 5% but in 2010 it is planned to mine 850 Kt of ore from the underground and 400 Kt from the open pit. At Lunnoye, gold production declined 44% quarter-on-quarter and 8% year-on-year while silver production increased by 14% and 10% respectively due to processing of mostly higher grade silver and lower-grade gold ore from Arylakh, a satellite mine. Khakanja mine produced 108,000 oz gold and 1.7 Moz silver. Its annual gold production remained flat and silver production grew by 33% on the back of stable processing volumes and recoveries and higher silver head grades.
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