https://www.miningweekly.com
Construction|Flow|Gold|Mining|Flow
Construction|Flow|Gold|Mining|Flow
construction|flow-company|gold|mining|flow-industry-term

Record output drives revenue at Russia's Polymetal up 11% in Q4

31st January 2019

By: Reuters

  

Font size: - +

MOSCOW – Russian gold and silver producer Polymetal reported on Thursday an 11% rise in fourth quarter revenue, compared to a year earlier, on record high production following a full ramp-up at its mine in Kazakhstan.

The London-listed firm, part-owned by businessman Alexander Nesis, launched the Kyzyl mine in Kazakhstan in 2018 and shortly after began construction at its new Nezhda gold mine in Siberia, which will contribute to its dividends in 2022.

"Open-pit mining and construction have commenced at Nezhda," Polymetal said in a statement. The first production is expected at the mine in the last quarter of 2021.

Polymetal said its total fourth quarter revenue was $652-million.

The company said that there would be no special dividend for 2018 as its free cash flow would be fully distributed to shareholders through the regular dividend at a payout ratio amounting to a half of underlying net income. Its board of directors will recommend the final dividend for 2018 in March.

Polymetal also said that its production of gold equivalent (GE), which is a mix of gold and other metals, rose by 23% in the fourth quarter from a year earlier to a record 497 000 troy ounces.

It reiterated its previous production guidance of 1.55-million ounces and 1.6-million ounces of GE for 2019 and 2020, respectively. Total cash costs are expected in the range of $600-650 per ounce of GE in 2019 with capital expenditures at $380-million.

Edited by Reuters

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.115 0.152s - 108pq - 2rq
Subscribe Now