Established in 1998 in St Petersburg by the ICT Group, Polymetal is a precious metals mining company that produces gold and silver. It is Russia’s largest silver and third largest gold producer based on 2006 results. The company carries out the full range of deposit development – from exploration to production. From 2005 until February 2007, the sole shareholder was Nafta-Moskva, a Russian private direct investment fund. In February 2007, the company floated 24.8% of its shares – both commons and GDRS in an IPO on the London Stock Exchange, RTS and MICEX. In June 2008 Nafta-Moskva Ltd (Cyprus) sold all of its interest in the company to three parties: Quotan International Limited, PPF Group NV and Inure Enterprises Ltd.
Polymetal has brought four major mining projects into production – Dukat, Khakanja, Vorontsovskoye and Lunnoye – the first being an extensive brownfield project and the rest being greenfield. In 2007, the company produced 15.9 mln oz. (495 tonnes) of silver and 242 koz. (7.5 tonnes) of gold.