23rd Jul 2020 14:12
(Alliance News) - Polymetal International PLC on Thursday posted a significant rise in its revenue for the second-quarter of 2020, with the increase driving an improved year-on-year first half performance.
The FTSE 100-listed Russian mining company said revenue for the second-quarter to June 30 was USD641 million, up 30% from USD492 million on the back of higher gold prices and sales volumes.
Revenue for the first half of the year totalled USD1.14 billion, up 20% year-on-year.
Gold equivalent production for the quarter was up 2% year-on-year to 358,000 ounces and first half gold equivalent production was up 4% at 723,000 ounces.
Looking ahead, Polymetal said that it expects to produce 1.5 million gold equivalent ounces for 2020, down from 1.6 million previously forecast.
Net debt as at the end of June was USD1.69 billion.
The stock was trading 4.5% at 1,782.00 pence each on Thursday afternoon in London.
By Ife Taiwo; [email protected]
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