Download 2004 Annual Report - Polymetal

2004Key eventsFebruarynew management team hired for processing companies;Marchfor the first time in Russia, the company obtained licenses for direct export of gold and silver and began exporting pre−cious metals;Marchan agreement was signed between Polymetal Engineering and Copper Technology LLP for developing a project at the50 Year Oktyabrya copper pyrite deposit (Kazakhstan);Aprilcompany reorganization − managerial and engineering companies were formed as part of Polymetal Group − improvingoverall efficiency;Maya 23 million USD syndicated short−term, pre−export loan, organized by Standard Bank London (GB);Julystage I of the ore mining and processing plant at the Khakanjinskoye deposit reached its project capacity;Augustan agreement was signed between Polymetal Engineering and Mikhailovsky GOK for designing a concentrating mill;Novemberstage II of the processing plant at the Vorontsovskoye deposit was launched (for primary ore processing);November20% of the shares of Magadan Silver (the Dukat deposit) was acquired from Pan American Silver, thus increasing ourownership share to 100%;Decembera long−term 105 million USD syndicated financing was received. The financing was organized by Standard Bank London(GB), Hypo− und Vereinsbank (Germany) and Soci t G n rale (France);Decemberfinalized unified organizational structure for all subsidiaries. Polymetal Management Company became the sole mana−gerial company for all mining and exploration companies.2004 Key events7