Polymetal reports big jump in production
Russian gold and silver producer Polymetal on Thursday reported a 27% year-on-year increase in first-quarter gold-equivalent (GE) production, on the back of a strong performance from its Kyzyl mine and steady operational performance at its other mines.
GE production increased to 374 000 oz. Gold production was up 41% to 302 000 oz, while silver production decreased by 15%, owing to the planned grade decline at the Dukat underground mine.
The new Kyzyl mine delivered 78 000 oz of gold in the three-month period.
“Kyzyl's performance demonstrates both Polymetal's project development capability and the asset's huge potential for cash flow generation,” commented CEO Vitaly Nesis.
Revenue increased by 28% year-on-year to $454-million, largely driven by a 41% uptick in gold sales, compared with the prior-year period.
Polymetal affirmed its production guidance of 1.55-million ounces of GE.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation