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 addition...