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26

Polymetal To Overtake Poluys»

Russia's second largest gold mining company Polymetal is likely to catch up to Polyus company

Russia?s second largest gold mining company Polymetal is likely to catch up to Polyus company, the gold unit of Norilsk Nickel.

Polymetal has published its finance reports for 2004, where it demonstrated the significant growth of the company ? net profits increased five times as compared to 2003 and EBITDA figures tripled.

Gold production is expected to increase by 150% that is less than the last year but quite promising on the background of reduce of CJSC Polus gold mining volume.

However, the experts state that Polyus will remain the leader in Russian gold mining due to the amount of its gold resources.