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Polymetal is pleased to announce its first export delivery of silver to the Far East and southeastern Asian markets
On December 28th, 2005, Polymetal completed its first export shipment of an experimental-industrial lot of silver to Japan. The Company shipped 154 kilograms of silver (5 standard bank bars) to Narita airport in Tokyo, under CIP conditions.
The experimental-industrial lot of silver was delivered to one of Japan’s largest commercial trade houses, which will in turn deliver the silver bars to a wide variety of hi-tech Japanese industrial companies. These companies will study the technical characteristics of Polymetal’s silver bars and confirm their quality for use in the Japanese companies’ production activities.
In the future, Polymetal plans to continue to expand the geographical scope of the markets that it will deliver precious metals to. The Company plans to focus attention on the Far East and southeastern Asian markets, where there is a high concentration of industrial users of silver. Thus, Polymetal plans to obtain a license in 2006 to export silver to Japan.
From 2003-2005, Polymetal successfully delivered shipments of precious metals to Great Britain, Switzerland and the United Arab Emirates.
Silver from the test lot was produced in Q4 of 2005 at the Dukat deposit in the Magadan Region. The silver was refined at the Kolimskaya Refining Plant; and delivery was made through a specialized customs post in Moscow.
Commenting on today’s announcement Pavel Orta, the head of Polymetal’s department for precious metals sales, stated: The Company hopes that in the near future the government of the Russian Federation will take further steps to liberalize the precious metals market. Principally, Polymetal hopes that the government will allow silver bars to be shipped through a specialized customs post in Magadan. This would considerably simplify logistics and reduce Polymetal’s expenses for delivering precious metals (silver) to potential customers in the Far East and southeastern Asia. Once this is achieved, Polymetal will have completed a unified cycle - from geological exploration to deliveries to end users - within one region.”
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