Demand for used mining equipment rose in Russia as gold output increases

Demand for used mining equipment rose in Russia as gold output at Russian precious metals miner Polymetal rose to about 285,000oz last year, up to 17% on 2007, and silver output increased to 17.2 million ounces, up to 8%, the firm said. Revenues rose by 62% last year to $500m, the firm said in its Website. The firm will continue to leverage the existing asset base including their existing soon-to-be-purchased used mining equipment as well as aggressively move development projects towards faster production in 2009.