Rossia Insurance Company and companies managed by Polymetal (Magadan Silver and Silver Territories) signed 2 insurance agreements totaling 4.3 bln. rubles ($US 160 mln.).

To avoid possible losses, connected with equipment breakdown and damage, work stoppage, fire at the deposits and other industry-wide risk factors, Polymetal’s subsidiaries signed the insurance agreements. The insurance agreements cover risks and losses connected with equipment breakdown and damage, work stoppage and other risk factors, typical for the mining industry. The agreements are valid for one year and were signed within the framework of a long-term syndicated loan, arranged by Standard Bank London.

The total insured amount for Magadan Silver (Dukat deposit) was 2.5 bln. rubles ($US 93 mln.), Silver Territoties (Lunnoye and Arylakh deposit) - 1.8 bln. rubles ($US 67 mln.).

Rossia Insurance Company was granted the right to sign the insurance agreements with Polymetal as a result of a tender, organized by AON (UK) - one of the world’s leading independent insurance brokers. Top Russian insurance companies such as Ingosstrakh, Capital Insurance Group, Renaissance Insurance and Neftepolis participated in the tender.