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27

Russian Gold Producing Leader's Output Rose 55%

Polymetal company announced the financial results of its activities for 2004

Norilsk Nickel?s gold procution unit, Polymetal company, announced the financial results of its activities for 2004.

Thus, gold production of the company grew up by 55% in comparison to the previous year results and amounted to 212 thou oz. Silver production increased by 47% up to 17.3 mln oz.

As the consolidated statements prepared in accordance with the US GAAP report, in the course of 2004, precious metal sales revenue amounted to $204.487 mln ? 114% increase as compared to 2003 figures.

The net profit of Polymetal UK increased by 520% up to $83.583 mln in 2004.