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Trading statements

Polymetal ups gold and silver sales

25 July 2017 08:19

Polymetal International (POLY), the precious metals mining company, increased its gold and silver sales by 29% and 19%, respectively, in the second quarter.

This generated $385 million in revenues, an increase of 26% over the previous year.

The company produced 278 Koz of gold equivalent (GE) in the second quarter, a 6% increase year-on-year.

It said strong performances at Varvara and Kapan, as well as contributions from the Svetloye heap leach at Okhotsk, more than offset a planned grade decline at Dukat and the impact of the scheduled maintenance shutdown at the Amursk POX plant that was completed in May.

GE production in the first half was at 558 Koz, up 7% year-on-year and in line with the 2017 production plan.

Polymetal said materially stronger production is expected in the second half, driven by the seasonal concentrate de-stockpiling at Mayskoye, heap leach production at Svetoye, and higher throughput at the Amursk POX plant.

Gold production for the quarter was 190 Koz, up 12% over the previous year, while silver production was down 6% to 6.6 Moz.

At 8:19am: (LON:POLY) Polymetal International PLC share price was +0.25p at 886.25p

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