Russia's Largest Silver Producer Polymetal Increased Revenue

Russia's largest silver producer Polymetal increased production of precious metals and revenues in the second quarter of 2010 compared to the same period last year, the company said. In April-June 2010, Polymetal silver production increased by 13 percent to 4.7 million troy ounces and gold - at 61 per cent to 109.000 ounces.
Revenue increased by 2,3 times to $ 249 million.
"The main priority in the second half of this year will be  factories in Kubaka (Magadan region) and Albazino (Khabarovsk Territory)," - said Vitaly Nesis General Director of Polymetal.

The company confirmed plans for 2010, which include  increase in output of precious metals up to 19-20 million ounces of silver from 17.3 million ounces last year, and gold - up to 310.000 430.000-450.000 ounces.