http://www.themoscowtimes.com/articl...

The article is about Polymetal... which I don't think is the same as Polyus... We need to know what type of resources these Russian companies have and what is thier outlook for 2009.

Highlights:

He added that a devaluation of the ruble would "very much help mining companies" because it would help them keep costs at lower levels.

"No one wants to spend cash, because they don't know whether there will be any more," McCutcheon said.

Investor101a comment: Generally... small miners will close. Their assets will not be picked-up due to the cash crunch. Money is being spent to maintain existing projects and employment.

Polymetal, the country's biggest silver miner, will cut investment in exploration and modernization by 30 percent to 40 percent next year because of the financial crisis, chief executive Vitaly Nesis said Tuesday.