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Landmark Silver Sale

ST. PETERSBURG (Reuters) -- Polimetall will sell 200 tons of silver in April under direct contracts to Western Europe and Dubai in the first direct export sale by a Russian metals firm, a company source said Friday.

"The metal will go to banks and companies in London, Zurich and also Dubai. We also plan to sell 600 kilograms of gold as part of this sale," the source said, adding that the entire sum of the contracts will be $55.8 million, the market price for the metals as of March 25.

The proposed silver sale is equivalent to 26 percent of Russia's 2003 output of silver, the source said.