Polymetal on track for full year as gold sales grow

Polymetal on track for full year as gold sales grow

LONDON (Alliance News) – Polymetal International PLC on Monday said it saw revenue grow during the third quarter as gold sales grew on the back of higher output and prices.

Total sales for the quarter, which ended September 30, grew 17% on the same period the previous year to USD546.0 million, with gold sales rising 50%.

Polymetal said it achieved a record production of gold equivalent for the quarter, reaching 470,000 ounces, a 26% increase on last year. This was driven, the company said, by “strong” contributions from the fully operating Svetloye heap leach operation and Mayskoye oxide ore processing, both in Russia.

For the first nine months of the year, Polymetal produced 1.0 million ounces of gold equivalent, a 15% increase over last year, in line with a planned full year output of 1.4 million ounces.

The company has also re-affirmed its 2018 production at 1.55 million ounces of gold equivalent and 1.70 million for 2019.

Polymetal said construction at its Kyzyl project in Kazakhstan is on schedule, with all major processing equipment now installed and electrical infrastructure operating fully. It remains on track to produce first concentrate in the third quarter of next year.

Polymetal Chief Executive Vitaly Nesis commented: “Our operational performance in the third quarter was very robust and the company remains on track to meet its annual production and cost guidance.

“Meanwhile, Kyzyl continues to advance towards first concentrate production in less than a year’s time.”