The FTSE 250 group, which operates gold and argent mines in Russia, produced 447,000 oz of gold agnate in the third quarter, bottomward 5% year-on-year. It attributed the abatement to ample volumes of apply produced at its operations in Kyzyl and Mayskoye which are due to be alien and appointed as assembly in the fourth quarter.
Gold assembly was 356,000 oz, bottomward 4%, while argent assembly was 10% lower at 6.7m oz, because of planned brand declines Dukat. Gold agnate assembly for the aboriginal nine months of year was advanced 4% at 1.07m oz.
Lower metal prices and sales volumes, due to the body up of alive basic in the anatomy of concentrate, meant third-quarter revenues were bottomward 16% to $459m. Gold sales volumes totalled 321,000 oz and argent 5.3m oz. Net debt added to $1.8bn.
Chief authoritative Vitaly Nesis said: “We bound and calmly ramped up Kyzyl to abounding production. The added assets in our portfolio approved a abiding achievement which leaves us able-bodied placed to beat our aboriginal assembly guidance.”
The accumulation said it was acceptable to beat its full-year advice of 1.55m oz of gold agnate by up to 50,000 oz, and common its assembly advice of 1.7m oz for 2019 and 1.8m oz for 2020.
Polymetal additionally appear beforehand on Monday it was demography a authoritative pale in the Veduga gold activity in a $19.7m deal.
Polymetal had to accompany advanced today’s third-quarter assembly results, agenda for absolution on Tuesday, afterwards an analyst aback appear a analysis agenda aboriginal on Monday morning account the numbers.
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