POLYMETAL INTERNATIONAL: Site Visit: Albazino and Amursk POX
We visited two of Polymetal’s major assets with a management team represented by CEO Vitaly Nesis and CFO Maxim Nazimok. At Albazino the key development milestones are preserving reserves through extensive exploration works, and ensuring a smooth transition to underground mining. At Amursk, management shared an interesting, yet unconfirmed, option to expand Stage-4 that would process all concentrate from Kyzyl and Nezhda. Although Poly’s dividend capacity could be affected by associated additional capex ($250-300mn, on our numbers), we conceptually welcome the intention to preserve value within the group, and to shield itself from the risk of tightening environmental standards in China. We reiterate our BUY rating with a GBp1,250/share target price.
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