Polymetal posts lower production and revenue in third quarter

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Polymetal International PLC (LSE:POLY) said production fell 8% in the third quarter from a record quarterly comparative the previous year and revenue also declined on lower gold and silver prices.


Gold equivalent output fell to 437,000 ounces due to planned grade declines at its Kyzyl and Svetloye mines and as gold production at Voro remained focused on processing low-grade historical stockpiles.


“Polymetal’s portfolio of mines delivered results in line with the budget with the company firmly on track to meet its full-year production guidance,” said chief executive Vitaly Nesis.


The FTSE-100 miner, which is targeting 2021 gold equivalent production of 1.5mln ounces, also retained its annual costs guidance.


Third-quarter revenue declined 7% to US$819mln as lower gold and silver prices more than offset higher sales volumes.


It noted that Russia is going through the fourth wave of the COVID-19 pandemic. The number of active cases rose to 72 at Polymetal, although the company said that its operations and projects are continuing undisrupted despite several localised outbreaks.

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