17th Oct 2013 07:21
LONDON (Alliance News) - Polymetal International PLC Thursday said it is on track for full-year gold equivalent production target amid positive third-quarter production results.
The Russian gold and precious metals producer said its gold equivalent production increased 30% to 413,000 ounces in the three months ended September 30 compared to 317,000 ounces the previous year. Equivalent production is a measure that takes into account metal grades.
As a result the company said it is on track to reach its full year gold equivalent production target of 1.2 million ounces. Polymetal expects to produce 1.3 million ounces of gold equivalent in 2014 and 1.4 million ounces of gold equivalent in 2015.
The company also was buoyed by a 12% increase in silver during the period to 7.6 million ounces from 6.8 million ounces, and an increase in gold sales by 35% and silver sales by 15%, including significant de-stockpiling at some of its production sites.
Polymetal said it has completed improvements at its Amursk plant and expects to achieve the full benefits of the ramp up in its fourth quarter, it is currently recovering an average gold rate of between 91% and 92%.
However the company also said its overall sales fell 2% to USD518 million from USD530 million, and its copper production dropped 27% to 1,254 tonnes from 1,718 tonnes the previous year.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
POLY.L