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drives|Gold|Operations
drives|Gold|Operations
drives|gold|operations

Kyzyl drives Polymetal second-quarter growth

24th July 2019

By: Creamer Media Reporter

     

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The gold-equivalent (GE) production of Russian gold miner Polymetal grew by 19% year-on-year in the second quarter to 384 000 oz, bolstered by the new Kyzyl mine, in Kazakhstan, operating at full capacity.

The group’s gold production increased by 30% year-on-year to 302 000 oz, including 81 000 oz of gold from Kyzyl. Silver production reduced by 11% to 6-million ounces on the back of asset disposals.

In the first half of 2019, GE output rose 22% to 756 000 oz and Polymetal reported on Wednesday that it expected stronger output in the second half of the year. The company maintained its full-year guidance of 1.55-million ounces of GE, at a total cash cost of $600/oz to $650/oz of GE and an all-in sustaining cash cost of $800/oz to $850/oz of GE.

Revenue is up 13% year-on-year in the second quarter to $492-million, with gold sales up 31% on the strong production.

"Excellent results from Kyzyl drove our production growth while other operations delivered strong performances,” said CEO Vitaly Nesis.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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