Russian silver miner prepares IPO

Russia's Polymetal, the world`s 5th largest silver miner, is planning to list up to 30% of its shares valued at $US 500 MILN in Moscow and London in the first quarter of 2007.

Polymetal says the IPO will allow the company to attract new international and Russian investors, and develop a more sophisticated acquisition programme.

Deutsche Bank, Merrill Lynch and UBS have been appointed joint underwriters.