27th Jul 2021 11:46
(Alliance News) - Polymetal International PLC on Tuesday said it delivered "steady" results in the first half of 2021 as revenue rose, despite a drop in second quarter output.
Gold equivalent production fell 6% to 339,000 ounces in the second quarter, the three months ended June 30, from 358,000 ounces a year prior.
For the full first half, gold equivalent output was down 1.2% year-on-year to 714,000 ounces from 723,000, as first quarter performance offset the recent output drop.
Silver production fell 2.0% in the second quarter to 4.8 million ounces from 4.9 million a year prior, but dropped 4.1% in the first half to 9.4 million ounces from 9.8 million.
Shares in the FTSE 100-listed company were 0.7% lower at 1,508.00 pence each in London on Tuesday morning.
Higher metal prices compensated for lower output, however, resulting in second quarter revenue of USD681 million, up 6.2% from USD641 million reported in that period a year before.
In the first half that ended June 30, revenue rose 11%, reaching USD1.27 billion from USD1.14 billion.
Once again, the Anglo-Russian miner maintained its full-year target of gold equivalent production of 1.5 million ounces.
Polymetal confirmed its full-year cost guidance, predicting total cash compensation of USD700 to USD750 per gold equivalent ounce and all-in sustaining costs between USD925 and USD975 per gold equivalent ounce.
By Scarlett Butler; [email protected]
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