Polymetal says boosts H1 gold output by 35%, cuts silver output

MOSCOW, Jul 24 (PRIME) – Russian precious metals producer Polymetal International increased gold production by 35% to 602 000 ounces, while silver output fell 14% to 11 million ounces in January-June, it said in a statement on Friday.

“We expect our production volumes to be significantly higher in the second half of the year because of a seasonal fall of concentrate stocks at the Maiskoye deposit,” the statement said.

Total production in gold equivalent increased by 22% to 756 000 ounces, while revenue increased by 20% to U.S.$946 million. Gold sales rose 31% on strong production. Silver sales fell 22% due to a temporary logistical lag between production and sales to be eliminated in the second half of the year.

“Excellent results from Kyzyl drove our production growth while other operations delivered strong performances”, said Vitaly Nesis, Group CEO of Polymetal.“

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