Interfax citing Mr Vitaly Nesis chief of Polymetal as saying that the company plans to acquire one silver and two gold licenses in Kazakhstan.

He said that "We've identified three assets [in Kazakhstan] that we think will create value for the company,"

As per report, one of them has not yet been licensed, and could be bought for cash, rather than shares Mr Nesis said. Polymetal has 10% of its shares on its books that could be used as currency for acquisitions.

He said the company aimed to acquire at least one of the licenses in the space of six months.

Polymetal already develops the Varvarinskoye gold copper field in Kazakhstan. It is also interested in two deposits in Ukraine, but it conducting test drills before entering into talks. Mr Nesis declined to name the deposits.

He said the company had no plans to develop fields in Kyrgyzstan.

(Sourced from Interfax)