* Polymetal says Q1 revenues down to $336 mln
* Gold equivalent production up 34 percent
* Says sticks to 1.3 mln ounce 2014 output target
(Releads to focus on listing, adds quotes, context)
MOSCOW, April 22 Russian precious metals miner
Polymetal will keep its London listing and has no
plans to change its corporate structure despite government calls
for foreign-listed firms to come home, it said on Tuesday.
Russian President Vladimir Putin has been pushing for the
so-called "de-offshorisation" of the Russian economy, whereby
companies with offshore entities re-register them in Russia and
pay taxes in Russia.
In early April, First Deputy Prime Minister Igor Shuvalov
urged companies listed on foreign stock exchanges to consider
relisting in Moscow to protect themselves from sanctions imposed
by the West over Russia's annexation of Crimea.
"The company does not expect any material impact from the
'deoffshorisation' proposals on its operations,"
Jersey-registered Polymetal, which has assets in Russia and
Kazakhstan, said in a statement.
As all the operating entities of Polymetal are domiciled in
Russia and Kazakhstan, the company generates all of its revenues
and profits and pays all related taxes in these countries, it
Its rival Polyus Gold, Russia's biggest gold miner,
has said it is considering state proposals to encourage the
rebasing of Russian firms currently owned by offshore entities.
Polymetal's revenue fell 2 percent to $336 million in the
first quarter of 2014, year-on-year, due to lower metals prices,
the company added in the statement.
Its gold equivalent production reached 316,000 troy ounces
for the period, up 34 percent, the company, part-owned by
Russian tycoon Alexander Nesis added. Fellow Russian businessman
Alexander Mamut and Czech investment group PPF own minority
stakes in Polymetal.
Sales lagged production by 46,000 ounces of gold equivalent
due to a seasonal factor, with reversal of this gap expected to
be achieved during the year, the company said.
It produced 709 tonnes of copper in concentrate in the first
quarter and decided to stockpile it due to unfavourable market
conditions, Polymetal Chief Executive Vitaly Nesis, brother of
Alexander Nesis, said. The company plans to sell it later in the
year, he told Reuters.
Polymetal also said it was on track to produce 1.3 million
ounces of gold equivalent in 2014. Gold equivalent is a measure
of gold and other metals expressed in units of gold.
Its shares were down 0.1 percent in London compared with a
0.4 percent decline in the FTSE Gold Mines Index.
(Reporting by Polina Devitt; Editing by Mark Potter)