Our Assets


Polymetal is a leading gold and silver producer with a high-quality, low-cost asset base.

Our portfolio comprises 8 producing assets and 4 major development projects across Russia, Kazakhstan and Armenia. Our investments coupled with a rigorous approach to M&A activity are primarily focused on the turnaround of distressed assets, as well as under-explored near-mine areas with high potential that will contribute to significant long-term growth.

Key results
1,433 Production, Koz of GE
+14% Ore processed
3.9 Average grade in ore processed, g/t of GE;
20.9 Ore reserves, Moz of GE
-21% LTIFR




  • Kyzyl East Kazakhstan Region, Kazakhstan
  • Varvara Kostanay Region, Kazakhstan


  • Kapan Sunik province, Armenia
FY 2018 guidance
1,550 Koz Production GE
US$ 650-700/GE oz TCC
US$ 875-925/GE oz AISC
and resources
Latest production

Development projects

Track record

Development and operational track record

  • 4 greenfield mining operations built from scratch
  • 2 major broenfield re-starts in-house engineering expertise is our competitive advantage
  • 3 significant plant expansions
  • Experience in various mining (open pit, underground) and processing methods

Kyzyl development project

Kyzyl remains one of the best development-stage gold projects in the world, and is now the main source of medium-term growth for Polymetal. With its large high-grade reserves, long mine life and low-capital intensity, it is set to create significant shareholder returns — even at current commodity price levels. Kyzyl remains on track to produce its first concentrate in Q3 2018.

It has 7.3 Moz of gold reserves with 7.7 g/t average reserve grade. Estimated life of mine (Bakyrchik) is is 22 years. IRR (upgraded from feasibility study with Amursk POX expansion) is 33%

Exploration projects

Sustained greenfield and brownfield exploration programmes are key to our long-term growth, alongside the cost-effective drive to increase our resource base through the development of next-generation assets.