Goltsovoye is a lead and silver mine, located in the Magadan region of Far East Russia. Production from Goltsovoye commenced in 2010 with a relatively small reserve base supporting production to 2019. In 2016, the amount of ore processed at Goltsovoye fell when compared with 2015 by 9%, to 183kt, this is predominantly due to the mining in deeper areas of the mine. Grades are also falling as the mine matures and the average silver grade was down 24% on 2015, with a head grade of 370g/t Ag. Polymetal expect that production from Goltsovoye will continue to wind down as the Dukat concentrator will receive a greater proportion of feed from the Lunnoye deposit.