Market Analysis

OJSC Polyus Gold the results of production activities in the first half of 2009. During the first six months of this year, the Group produced 14.9 tonnes (477 thousand oz) of gold affinirovannogo, compared with 17.4 tons (559 thousand oz) of metal for the same period last year.

14% decline of production was the result of reducing the average content of metal in sulphide ore processed at Olimpiadinskom GOK with 4.1 g /t to 3.5 g /t, with an increase in volumes of this type of ore from 1.9 million tons in the first half of 2008 to 3.6 million tons in the period under review, said the media company.

The company maintains an annual plan for production of metal in 2009 in the amount of 40 tons (1.3 million ounces), which will be about 5% growth compared to 2008

In the first half of 2009 the Group earned 23.3 million cubic meters of rock mass, compared with 24.4 million cubic meters in the corresponding period of 2008.

In the reporting period, the enterprises of OAO Polyus Gold was produced 7 258 thousand tons of ore, representing 121% rise compared to same period last year (3 286 thousand tons). The amount of ore in the first six months of 2009 grew by 33%, compared to 4 994 thousand tons in the first half of 2008, and amounted to 6 638 thousand tons.

According to preliminary estimates, revenues from sales of gold in accordance with IFRS standards for the first six months of 2009 amounted to 440 million U.S. dollars (unaudited), compared with 506 million U.S. dollars (unaudited) in the first half of 2008 .

Decreased revenue related to the decline in production and sales of gold. In the first half of 2009, sales amounted to 14.9 tonnes (477 thousand oz), compared with 17.4 tons (559 thousand oz) for the same period last year. Weighted average selling price was 922.5 U.S. dollars per ounce, compared to 908.7 dollars per ounce in the first half of 2008.
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