March 1, 2012 / 11:42 AM / 6 years ago

Polymetal eyes mines in former Soviet states

MOSCOW, March 1 (Reuters) - Russian precious metals miner Polymetal is eyeing acquisitions in Kazakhstan, Armenia, Ukraine, the Russian Far East and Urals, chief executive Vitaly Nesis told Moscow’s RBC Daily in an interview published on Thursday.

“We are maintaining our strategic orientation on the former Soviet Union,” the executive said, adding that activities in Finland were also of interest to the silver and gold miner.

He did not name any specific targets for the company, which joined London’s FTSE 100 index last year.

Nesis also said Polymetal expected to increase gold output so that it accounted for 75 percent of the company’s total revenues by 2013. Last year 55 percent of revenue was gold and 45 percent was silver.

The company, controlled by Alexander Nesis and Alexander Mamut with Czech investor PPF, made headlines in January when it denied it was in merger talks with local rival Polyus.

Nesis declined to comment on the matter, citing London Stock Exchange disclosure rules. (Reporting By Alfred Kueppers; Editing by Will Waterman)

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