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Russian Polymetal Increased Production in 2008

Russian gold producer increased output by 17 percent to 285,000 ounces in 2008, the company said in a statement Wednesday

Annual gold and silver sales amounted to 281,000 and 17.7m ounces, respectively.

In the fourth quarter of 2008, the company produced 74,000 ounces of gold (up 16 percent from the same period of the previous year) and 4.5m ounces of silver (up 20 percent). Polymetal attributes the rise in production to higher processing volumes resulting from an increase in production capacities at its plants.

In 2009, Polymetal plans to produce 280,000-300,000 ounces of gold and 17m-18m ounces of silver. Another one of its targets is to raise the operating EBITDA margin to 50 percent.