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Polymetal Off Target

Polymetal declined by 1.8 percent in Moscow trading by midday Monday after Kommersant reported that the Russian silver and gold producer may miss its output target this year.

The company may fall short of its 2011 target of 1 million ounces of gold by as much as 10 percent, the newspaper reported, citing an unidentified source.

Polymetal may be forced to delay the start of its processing plant in the Amur region for "technical reasons," Kommersant said. Polymetal vice president Pavel Danilin declined to comment on the report Monday.

(Bloomberg)

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