Today Polyus Group was granted a license from the Russian Ministry of Trade and Economic Development for the direct gold export supplies. The Ministry agreed the group’s first direct export gold contract signed earlier with Credit Suisse (Zurich, Switzerland).

Through that agreement in 2005 Polyus will export 15 mt of gold bars to Switzerland via its transaction partner Credit Suisse. The agreement is based on the LBMA “Good Delivery” quality standard and on the London bullion market price.

Polyus Group President Eugene Ivanov noted that the direct export of gold is a consistent part of the group’s strategy which provides for the turn of the company into one of the world largest gold producers.