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.