RBC daily reports that the second largest gold mining company in Russia – Polymetal – intends to reach the level of Polus – Russian leader of the sector – gold mining.

As it has been already informed by Russian Jewellery Network, Polymetal Company has published its finance reports for 2004. Most figures showed significant growth of the company – net profits increased five times as compared to 2003 and EBITDA figures tripled.

However, the forecasts for 2005 are modest. 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. Experts, nevertheless, state that Polus will remain the leader in Russian gold mining due to the amount of its gold resources.