Polymetal reports record quarter gold production
reported a record gold production for its first quarter on Thursday.
The Company's Q1 gold equivalent production grew 27% year-on-year to 374,000 ounces.
Vitaly Nesis, Group CEO of Polymetal said: "Strong contribution from Kyzyl and steady operational results at other mines drove a big jump in Q1 production"
Polymetal’s revenues increased 28% year-on-year to US$ 454 million, mostly driven by a 41% increase in gold sales compared to the prior year.
It told investors that it is “on track” to produce 1.55 million ounces of gold equivalent in 2019, reiterating its full-year cost guidance of $800-850 all-in-sustaining-costs.
The London and Moscow listed gold producer on Wednesday also became the first foreign issuer to list on the Astana International Exchange in Kazakhstan in efforts to diversify its investor base.
The company unfortunately reported a fatal accident at its Mayskoye operation, and said it is “to complete a comprehensive review of behavioural safety risks and potential mitigation approaches”.
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