Polymetal to ramp up Asia sales as revenue slides
MOSCOW - Russian gold and silver producer Polymetal aims to ramp up sales to Asia, it said on Thursday as it reported second-quarter revenue down 36% at $433-million owing to sanctions-hit sales and rising stockpiles.
London-listed Polymetal is considering disposing of its Russian assets to focus on operations in Kazakhstan in the face of Western sanctions against Russia, it said this week.
"International sanctions against Russia continue to have a material impact on sales, procurement and logistics," CEO Vitaly Nesis said in a statement.
"The management is fully focused on maintaining operating and financial stability of the company."
The company's Russian mines accumulated 130 000 troy ounces of gold equivalent in gold and silver bullion inventory in the quarter, Polymetal said, adding that the gap between sales and production is likely to be closed in the third quarter as it ramps up sales to Asia.
Its gold equivalent production fell by 9% year on year to 326 000 oz for April to June, Polymetal said, adding that it was on track to meet its full-year production guidance.
The miner has yet to provide detail on the potential restructuring to focus on Kazakhstan.
It is due to hold a conference call to discuss production results with analysts at 10:00 GMT on Thursday.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
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














