Interfax report Russia's Gold Industry in 2009-2010 market survey, provides information on major trends in Russia's gold industry in 2009-2010 (demand, gold reserves, mine, incidental, secondary gold production, output by regions and companies as well as performance of top gold producers in (Polyus Gold, Kinross Gold, Petropavlovsk, Polymetal, Highland Gold Mining, High River Gold Mines, Yuzhuralzoloto, Vysochaishy, Susumanzoloto). The survey also studies financial positions and debt burden of major gold producers.The 76 page report, followed by 36 tables and 19 charts, is available English.

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Russia`s Gold Industry 2009-2010
Published on April 2010
Report Summary
Interfax report Russia's Gold Industry in 2009-2010 market survey, provides information on major trends in Russia's gold industry in
2009-2010 (demand, gold reserves, mine, incidental, secondary gold production, output by regions and companies as well as
performance of top gold producers in (Polyus Gold, Kinross Gold, Petropavlovsk, Polymetal, Highland Gold Mining, High River Gold
Mines, Yuzhuralzoloto, Vysochaishy, Susumanzoloto). The survey also studies financial positions and debt burden of major gold
producers.
The 76 page report, followed by 36 tables and 19 charts, is available English.
Table of Content
TABLE OF CONTENTS
MARKET SURVEY
RUSSIA'S GOLD INDUSTRY IN 2009-2010 ...............4
Gold demand .................4
Russia's gold reserves ....5
Gold production: major trends ..........8
Gold production by regions .............10
Gold production by major companies .................13
RUSSIA'S GOLD INDUSTRY: FINANCIAL POSITIONS ...........15
TOP GOLD MINING COMPANIES OPERATING IN RUSSIA ...17
Polyus Gold .....17
Polyus Gold: structure .17
Polyus Gold: overview 17
Polyus Gold in 2009-2010 ...............19
Polyus Gold: Key Consolidated IFRS Financials and Ratios ..27
Kinross Gold ...29
Kinross Gold: structure of Russian operations ....29
Kinross Gold: overview ..................29
Kinross Gold in 2009-2010 .............30
Kinross Gold: key financials of operations in Russia ..............33
Petropavlovsk (former Peter Hambro Mining) ...........34
Petropavlovsk: structure ..................34
Petropavlovsk: overview .................35
Petropavlovsk in 2009-2010 ............37
Petropavlovsk: Key Consolidated IFRS Financials and Ratios ...................41
Polymetal ........42
Polymetal: structure ....42
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Polymetal: overview ....42
Polymetal in 2009-2010 ..................43
Polymetal: Key Consolidated IFRS Financials and Ratios .....49
High River Gold Mines Ltd 50
High River Gold Mines Ltd: structure ................50
High River Gold Mines Ltd: overview ................50
High River Gold Mines in 2009-2010 .................52
High River Gold Mines: Key Consolidated IFRS Financials and Ratios ....53
High River Gold Mines: financials of Buryatzoloto ...............53
Yuzhuralzoloto Group of Companies .....54
Yuzhuralzoloto Group of Companies: structure ..54
Yuzhuralzoloto Group of Companies: overview .54
Russia's Gold Industry in 2009-2010
Yuzhuralzoloto Group of Companies in 2009-2010 ...............56
Yuzhuralzoloto Group of Companies: key financials to RAS 57
Highland Gold Mining ........59
Highland Gold Mining: structure ....59
Highland Gold Mining: overview ...59
Highland Gold Mining in 2009-2010 ..................61
Highland Gold Mining: Key Consolidated IFRS Financials and Ratios .....64
Vysochaishy (GV Gold) ......65
Vysochaishy: overview ...................65
Vysochaishy: structure 65
Vysochaishy in 2009-2010 ..............66
Vysochaishy: key financials to RAS ...................68
Susumanzoloto 69
Susumanzoloto: structure ................69
Susumanzoloto: overview ...............69
Susumanzoloto in 2009-2010 ..........70
Susumanzoloto: key financials to RAS ...............71
LIST OF TABLES
Table 1 Gold Purchases by Russian Banks From Russian Mining Companies, tonnes ............4
Table 2 Russia's Biggest Gold Deposits .......5
Table 3 Russia's Gold Production in 2005-2009, kg .......8
Table 4 Russia's Gold Production in January-February 2010, kg .......9
Table 5 Gold Mine Production by Russian Regions in 2005-2009, tonnes ..........10
Table 6 Share of Russian Regions in Gold Mine Production by in 2005-2009 ....11
Table 7 Russia's Gold Production by Regions in January-February 2010, kg .....12
Table 8 Russia's Top Gold Companies in 2009, tonnes 13
Table 9 Polyus Gold Production in 2006-2009 .............19
Table 10 Polyus Gold Production by Mines in 2008-2009, '000 troy ounce ........20
Table 11 Ore mined and processed in 2008-2009 (not including KazakhGold) in 2008-2009 .20
Table 12 Kinross' Reserves and Resources as at December 31, 2007 (Russia only) ...............30
Table 13 Kinross Gold Gold Production in 2005-2009 30
Table 14 Kinross Gold Key Financials of Operations in Russia in 2007-2009, US $ millions................33
Table 15 Summary of Petropavlovsk Precious Metals Group - Mineral Resources - JORC Code...........35
Table 16 Summary of Petropavlovsk Precious Metals Group - Mineral Resources By Asset - JORC Code ...................36
Table 17 Summary of Petropavlovsk Precious Metals Group - Ore Reserves - JORC Code...................36
Table 18 Summary of Petropavlovsk Precious Metals Group - Ore Reserves By Asset - JORC Code...36
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Table 19 Petropavlovsk Gold Production in 2005-2009 .................37
Table 20 Petropavlovsk Gold Production Estimates for 2010-2015 .41
Table 21 Polymetal JORC-Compliant Ore Reserves By Mining Assets as of December 31, 2008...........43
Table 22 Polymetal Gold Production in 2005-2009 ......43
Table 23 Polymetal Operational Results in 2008-2009 .43
Table 24 Polymetal Operational Results By Assets in 2008-2009 ....44
Table 25 Mineral Reserves and Resources Statement of High River Gold Mines (Russia only).................51
Table 26 High River Gold Mines Production in 2006-2008 .............52
Table 27 Yuzhuralzoloto Group of Companies Gold Production in 2005-2009 ...56
Table 28 Yuzhuralzoloto Group of Companies Gold Production by Regions in 2008-2009, '000 troy ounces ........56
Table 29 Mineral Resources of Highland Gold as at December 31, 2008 Reported in accordance with JORC .........60
Table 30 Mineral Reserves of Highland Gold as at December 31, 2008 Reported in accordance with JORC ...................60 2
Russia's Gold Industry in 2009-2010
Table 31 Highland Gold Production in 2005-2009 ......61
Table 32 Highland Gold Mining Operational Results in 2008-2009 ...................61
Table 33 Vysochaishy Gold Production in 2005-2009 .66
Table 34 Susumanzoloto Gold Production in 2005-2009 .................70
LIST OF GRAPHS
Graph 1 Breakdown of Russia's Gold Production by Sources in 2004-2009 ...........9
Graph 2 Russia's Gold Mining Industry ROS in 2006-January-September 2009 15
Graph 3 Russia's Gold Mining Industry ROS in 2006-January-September 2009 16
Graph 4 Share of Polyus Gold in Russia's Gold Production in 2005-2009 ...........19
Graph 5 Breakdown of Polyus Gold Output by Mines in 2009 .........20
Graph 6 Share of Kinross Gold in Russia's Gold Production in 2005-2009 ........30
Graph 7 Share of Petropavlovsk Plc in Russia's Gold Production in 2005-2009* 37
Graph 8 Share of Polymetal in Russia's Gold Production in 2005-2009 ..............43
Graph 9 Breakdown of Polymetal Gold Production by Deposits in 2008-2009 ..44
Graph 10 Share of High River Gold Mines in Russia's Gold Production in 2005-2009 ...........51
Graph 11 Breakdown of High River Gold Mines Gold Production in Russia By Mines .........52
Graph 12 Share of Yuzhuralzoloto Group of Companies in Russia's Gold Production in 2005-2009.........55
Graph 13 Share of Highland Gold in Russia's Gold Production in 2005-2009 .....61
Graph 14 Share of Vysochaishy in Russia's Gold Mining Production in 2005-2009 ...............66
Graph 15 Share of Susumanzoloto in Russia's Gold Mining Production in 2005-2009 ...........70
3
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