Polymetal reports quarterly growth in production and revenue

(Alliance News) - Polymetal International PLC on Wednesday said higher metal prices and sales ...

Alliance News 9 August, 2023 | 9:23AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Polymetal International PLC on Wednesday said higher metal prices and sales recovery drove its quarterly revenue.

The St Petersburg, Russia-based miner said in the three months to June 30, revenue grew by 34% to USD581 million from USD433 million a year prior.

This was driven by sales volume recovery in Russia, as well as higher metal prices, Polymetal said.

Gold equivalent production grew by 22% to 423,000 ounces of gold from 348,000, driven by increases within its Nezhda and Albazino operations in Russia.

Chief Executive Officer Vitaly Nesis said: "The second quarter saw a set of solid production results supporting our full-year production guidance of 1.7 million ounces of gold equivalent. The company continued to experience logistical disruptions of concentrate shipments. Management is working on establishing new transportation routes to resolve this issue by the fourth quarter of 2023."

Shares in Polymetal are currently suspended.

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Polymetal International PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures