JSC Polymetal (Polimetall OAO) is a Russia-based company that is engaged in the exploration and production of gold and silver. Its overall annual production is eight tons of gold and 538 tons of silver. The Company operates in the Magadan, Sverdlovsk and Chita Regions, and the Khabarovsk and Krasnoyarsk Territories. It is headquartered in Saint Petersburg, Russian Federation. In August 2008, JSC Polymetal announced that it has acquired a 100% interest in Urals Exploration Company, which holds the exploration and mining license for Degtyarskoye gold-silver deposit, from Russian Copper Company. In January 2009, the Company acquried CJSC Artel of prospectors Ayax (Ayaks). In November 2009, the Company completed the acquisition of a 100% interest in the Varvarinskoye Gold-Copper Mine in Kazakhstan from Orsu Metals Corporation. In addition, in November 2009, the Company acquired CJSC Artel of prospectors Ayax and OOO Rudnik kvartsevyi.