25th Oct 2019 11:53
(Alliance News) - Polymetal International PLC on Thursday reported "solid" production for the third quarter, and said it expects to beat 2019 production guidance.
Gold equivalent output for the FTSE 100 Russian miner was 476,000 ounces for the three months to September, driven by strong performance at the Kyzyl mine. Gold production was up 13%, but silver down 20%.
Nine-month gold equivalent production climbed 16% to 1.2 million ounces, and Polymetal expects to beat 2019 guidance of 1.55 million ounces by up to 50,000 ounces. Production in 2018 was 1.2 million ounces, up 13% year-on-year.
Polymetal's revenue for the quarter was up 43% to USD656 million, with year-to-date revenue at USD1.60 billion, 28% higher.
The Kyzyl mine in Kazakhstan, Polymetal's biggest, increased production over nine-fold, having begun production in 2017. Production from Mayskoye rose 52%, and Voro by 20%. Output was down 22% at Svetloye, down 1% at Varvara, down 3% at Omolon, 15% lower at Albazino-Amursk, and 2% lower at Dukat.
Chief Executive Vitaly Nesis said: "Continued strong performance at Kyzyl is driving our production dynamics. We now expect to exceed our full-year production guidance."
Shares were 1.0% lower on Friday morning in London at 1,209.50 pence each.
By George Collard; [email protected]
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