World-class gold mine with a high-grade profile — our greenfield discovery

In the light of recent developments, and in the interests of preserving shareholder value, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.

More details

Key facts

Location Khabarovsk Region, Russia
Ownership 100%
Operating Mines Albazino, Kutyn
Key exploration projects Kutyn, Urkachik, Syran
Mining open-pit/underground
Processing 1.8 Mtpa flotation + POX and CIL processing at Amursk,
1.3 Mtpa heap leach/Merrill-Crowe at Kutyn
Ore reserves (JORC) 2.0 Moz GE, 3.5 g/t average grade
Mineral resources (JORC) 3.5 Moz GE, 4.3 g/t average grade
Production start date 2009
Life of mine 2041
Employees 1,910
Key 2022 numbers


Location History Geology and Mineralisation Operations Reserves and Resources

Albazino, acquired in 2006, is a high-grade refractory gold mine that was developed as a greenfield project by Polymetal. Today, it comprises an operating open-pit mine and a 1.6 Mtpa on-site flotation concentrator that was first launched in 2011. Albazino is an integral part of the group’s largest project — the Amursk POX Hub, where Albazino gold concentrate is transported and processed into dore bars.

Kutyn deposit is located in the Khabarovsk Territory, Far East Russia, 114 km north-west of the Albazino mine operated by Polymetal and 10 km from the Sea of Okhotsk. The license area covers 120 square kilometres.


The Albazino area has been a site of active placer gold mining since the 1890s, with first hard-rock gold discovered during prospecting activities in 1955. However, exploration activities were quickly suspended once the refractory nature of gold mineralisation was revealed.

Polymetal acquired Albazino in 2006 from a local placer miner for US$ 7 million, making it the Group’s first greenfield project since 2004. Active exploration on site commenced in 2007, and the first JORC reserves estimate was confirmed by a feasibility study in the second quarter of 2008. The same study also confirmed that the Albazino project can be economically developed as an open-pit operation with a 1.6 Mtpa conventional flotation plant and a pressure oxidation facility. Construction of the Albazino concentrator started in the third quarter of 2008 and was successfully launched with the first gold concentrate bagged in April of 2011. The same year, first concentrate shipments were made to third-party off-takers in China while the Amursk POX facility was under construction.

From the moment of its acquisition to the launch of production, a total of US$ 342 million was spent at Albazino comprising exploration, project capex, ongoing overhead, and first-fill working capital.


Ore Reserves Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Albazino 9.5 3.7 - - 3.7 1,147 - - 1,147
Kutyn 8.3 3.2 - - 3.2 844 - - 844
Total 17.8 - - - 3.5 1,991 - - 1,991
Mineral Resources Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Albazino 12.6 4.6 - - 4.6 1,859 - - 1,859
Talgiy 8.1 3.7 - - 3.7 960 - - 960
Kutyn 4.6 4.5 - - 4.5 663 - - 663
Total 25.3 - - - 4.3 3,482 - - 3,482

You are downloading Integrated Annual Report . Please note that some ESG data are available in Sustainability Performance Data 2021 (GRI and SASB) that outlines our key non‑financial performance information for financial year 2021. While the selected annual report is being downloaded, we want to draw your attention to the Sustainability Report. It provides detailed information on ESG indicators.

While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. They provide detailed information on ESG indicators.

You can also download historical data on sustainable development.