BoD of Polyus Gold Considers Preliminary Results of Activity
OREANDA-NEWS. On December 18, 2007 OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia’s leading gold producer, announced that its Board of Directors on a meeting held today considered preliminary results of the company’s activities in 2007, examined the course the 2015 Strategy implementation, discussed the issue of the streamlining of the company’s exploration business, and approved the regulations of Investment committee of OJSC Polyus Gold, reported the press-centre of Polyus Gold.
The Board of Directors noted the information on the preliminary results of the company’s activities in 2007. General Director of Polyus Gold Evgueni Ivanov said: “We expect 2007 full year gold production to amount to 37,8 tonnes (1 215 k oz), exceeding the plan by one tonne (32 k oz).
Following the discussion on the strategy implementation until 2015 the Board entrusted General Director Evgueni Ivanov to develop an integrated cost management programme and submit it to the Board by April 1, 2008.
Following the discussion of the development of the company’s projects pipeline the Board considered it advisable to invite a partner to participate in one of the most capital-intensive project. The Board commissioned General Director with the selection of such a partner. “That would help to reduce financial burden and will allow sharing the risks relating to development of several large-scale projects within a limited timeframe,”- Evgueni Ivanov noted.
Having considered the project of the structuring of the company’s exploration business the Board noted the information on the project implementation and approved the management’s actions aimed at carving out some of the exploration assets selected by the Board meeting on May 25, 2007.
The Board entrusted Mr. Ivanov to prepare and submit to the Board the comparative analyses of possible variants to carve out the above exploration assets: by means of delivery of exploration licenses to the independent entity with the subsequent listing of this entity on Russian and international stock exchanges, or by means of selling these exploration assets.
In addition, Mr. Ivanov was entrusted with the preparation of the Fairness Opinion for the carve out of the exploration assets and the preparation of the Independent Experts’s Report to ensure the fair value of the assets.
During today’s meeting the Board of Directors also approved the regulations of the investment committee. The investment committee viewed to be one of crucial investment decision-making institutions in the company, which will determine an advisability of participating in a strategic investment projects, will examine these projects to the point of submitting for the Board of directors, will control the projects execution.
Besides this, the Board of Directors re-elected its’Audit committee. Two independent directors were elected: Valery Braiko and Lord Patrick Gillford, who presides the committee.
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