Polymetal says boosts Jan–Sep gold output by 25%, cuts silver output

MOSCOW, Oct 24 (PRIME) -- Russian precious metals producer Polymetal International increased gold production by 25% on the year to 1.005 million ounces, while silver output fell 16% to 16.4 million ounces in January–September, it said in a statement on Thursday.

“Continued strong performance at Kyzyl is driving our production dynamics. We now expect to exceed our full-year production guidance (of 1.55 million ounces by up to 50,000 ounces)”, said Vitaly Nesis, Group CEO of Polymetal.

Total production in gold equivalent increased by 16% to 1.232 million ounces, while revenue increased by 28% to U.S. $1.602 billion. Gold sales rose 30% to 992,000 ounces of gold. Silver sales fell 6% to 16.4 million ounces.

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