Polymetal mulls expanding to new jurisdictions

ASTANA. Sept 21 (Interfax) - Polymetal , Russia's largest silver producer and one of the country's biggest gold miners, is considering expanding into new jurisdictions.

"We conducted a preliminary analysis of other countries, formed working groups on some with representatives of government bodies," Polymetal International CEO Vitaly Nesis said in an interview with Interfax.

"At this point it's premature to talk about anything specific, but we're seriously looking. Kazakhstan, of course, is a promising country, large in area, with substantial potential for geological exploration. But it wouldn't be bad to have some second, third jurisdiction. One country is good, but two are better," Nesis said.

Polymetal is currently planning to split its Russian and Kazakh business and looking for buyers for its assets in Russia.

"The Kazakh company, finding itself autonomous, independent, left to its devices, will have many opportunities for development and a management team that will be focused on Kazakhstan and other countries in Central Asia. The options will only increase," Nesis said.

Polymetal has operations in Magadan and Sverdlovsk regions, Khabarovsk Territory, Chukotka, Yakutia and Kazakhstan. The company's largest shareholder is the ICT Group of Alexander Nesis and his partners with about 24%.