Download 2004 Annual Report - Polymetal

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Environmentalpolicyand healf andsafetyTatiana V. Kuleshova,Head of Environmental& Industrial SanitationDepartmentPolymetal strictly follows eco−logical guidelines when exploringprecious metals deposits. Thecompany monitors ecological pa−rameters at all stages − from fea−sibility studies and project designto the construction of mining fa−cilities to mine closures.Based on the results of care−ful environmental research andanalysis, Polymetal works to de−velop new, stricter limits for theaccepted disturbance to the envi−ronment caused by atmosphericpollution, sewage dumping into thewater supply and the placementof waste. Polymetal develops andimplements programs to monitorthe environment in areas in thevicinity of operating facilities. Thecompany also designs programsto control and minimize negativeenvironmental effects causedby these facilities. In addition,Polymetal engages in ecologicalstudies to develop innovative newmethods of waste treatment.Environmental protection depart−ments operate at all of the com−pany’s mining subsidiaries. Thesedepartments supervise their re−spective companies’ compliancewith ecological regulations. Theyalso cooperate with local govern−mental organizations.In the past year, subsidiary com−panies implemented programs tomonitor the environment in thearea of the mining and metallurgyfacility at the Khakanjinskoye de−posit, calculated and categorizedair pollution at the Lunnoye depos−it, corrected a project addressingwaste norms and limits on theirstorage at the Vorontsovskoyeand Lunnoye deposits and moni−tored maximum pollution norms atthe Dukat deposit. One of 2004’smain goals was to obtain a positiveresult from an ecological inspec−tion conducted by the RussianMinistry of Natural Resources forthe project of constructing a min−ing and metallurgy facility at theVorontsovskoye deposit (StageII). This positive result allowed usto quickly move forward with com−pleting construction and to beginthe startup and tuning of equip−ment at the end of the year.Monitoring the physical environ−ment and our facilities’ impact onit was carried out at all of Polymet−al’s sites, including geological sur−veying projects. We also moni−tored environmental effects forthird−party companies as part ofPolymetal Engineering’s projectdesign contracts (in particular,for Mikhailovsky GOK.In 2004, Polymetal, together witha specialized international con−sulting company, began preparingall necessary documentation andtaking steps to ensure that itsfacilities comply with internationalstandards in the areas of envi−ronmental protection, industrialsanitation norms and industrialsafety, according to World Bankrequirements.Improving industrial safety occursthrough better supervision of theproduction process and is imple−mented by the subsidiaries takingcomprehensive measures aimedat creating safe operating condi−tions at key production facilities.These steps should be two−fold− taking preventive measures tominimize accident and emergencyrisks and preparing workers, man−agement and the facility to be ableto quickly and effectively addressany emergency that does occur.40 Polymetal annual report 2004
Hazardous facilities at the depositsfacilitiesKhakanjinskoye Lunnoye Dukat VorontsovskoyePotentially hazardous facilities were registered in the Russian national registry and insured in accordance withapplicable laws.Industrial injuries at the depositsinjuriesPolymetaltotalKhakanjinskoyeLunnoye Dukat VorontsovskoyeBecause of active, preventive mea−sures taken by Polymetal (bothto minimize the risk of accidentsand emergencies and to quicklyaddress them), there has been asteady decrease in the numberof accidents and emergenciesduring the facilities’ operating his−tory.According to 2004 results, theaverage number of accidents de−creased by 1.2 times (8 accidents)compared with 2003.Environmental policy and healf and safety41
Page 1 and 2: Annual report2004St. Petrsburg1
Page 3 and 4: Annual Report2004St. Petersburg3
Page 5 and 6: FinancialhighlightIndicator Meas. u
Page 7 and 8: 2004Key eventsFebruarynew managemen
Page 9 and 10: koye gold mine. This cost increasec
Page 11 and 12: MineralResourcesVladimir T. Ryabukh
Page 13 and 14: Igor V. Venatovsky,First Deputy CEO
Page 15 and 16: Sergey A. Cherkashin,CFOSalesFinanc
Page 17 and 18: Denis G. Pavlov,Head of TreasuryDep
Page 19 and 20: At the Dukat and Lunnoye depos−it
Page 21 and 22: ProductionfacilitiesoverviewProduct
Page 23 and 24: Victor R. Wulfert,Managing Director
Page 25 and 26: Victor R. Wulfert,Managing Director
Page 27 and 28: Andrey V. Novikov,Managing Director
Page 29 and 30: Sergey G. Antipin,Managing Director
Page 31 and 32: Vorontsovskoye(Northern Urals Gold,
Page 33 and 34: Alexander V. Bulavin,Head of Licens
Page 35 and 36: Dukat depositconducting a feasibili
Page 37 and 38: GlobalpositioningIn 2004, world sil
Page 39: CorporategovernancePolymetal follow
Page 43 and 44: Personnel at mining facilitiesCompa
Page 45 and 46: Upgrading skillsIn 2004, the compan
Page 47 and 48: ManagementVitaly NESISCEOMr. Nesis
Page 49 and 50: ZAOPricewaterhouseCoopers AuditSred
Page 51 and 52: JSC “ISPA “POLYMETAL”STATEMEN
Page 53 and 54: JSC “ISPA “POLYMETAL”CONSOLID
Page 55 and 56: The Group’s 100% interest in avar
Page 57 and 58: Deferred developmentexpendituresIn
Page 59 and 60: NOTE 3Variable Interest EntityStart
Page 61 and 62: Investments mainly represent or−d
Page 63 and 64: Loans from NIKoil Bank in total ofU
Page 65 and 66: Future payments under capital lease
Page 67 and 68: Note 24Income TaxThe income tax exp
Page 69 and 70: In accordance with FAS 141, thecont
Page 71 and 72: NOTE 30Subsequent eventsBank loan r
Page 73 and 74: Vorontsovskoye (Northern Urals Gold
Page 75 and 76: Dukat and Lunnoye (Magadan Silver,
Page 77 and 78: 1) Per ounce of gold produced or so

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