Polyus Q2 production results shine
Russian gold miner Polyus on Tuesday reported strong second-quarter production results, with output climbing by 23% year-on-year to 602 000 oz, taking half-year production to 1.12-million ounces.
The second quarter’s production is also a 19% improvement on the previous quarter, the miner said in its second-quarter results announcement.
Capacity expansion projects at existing operations and the launch of the Natalka mill have boosted processing by 16% quarter-on-quarter and 43% year-on-year to 9.87-million tonnes.
In the first half of 2018, Polyus processed 18.36-million tonnes.
Polyus said that the new Natalka mine was operating at above 90% of its design capacity and that it should complete the ramp-up in the second half of the year.
Gold sales amounted to $683-million in the second quarter and to $1.2-billion in the first half of the year.
“Polyus has had a strong second quarter. We have been actively increasing the share of large-scale mining equipment, expanding processing capacities, as well as upgrading management and control systems across our core operations. These initiatives have further improved efficiency of our operations and contributed to double-digit growth of gold output compared to the same period of last year,” Polyus CEO Pavel Grachev commented in a statement.
The new Natalka operation will produce 450 000 oz/y of gold following the ramp-up. The Natalka processing plant is the largest in Russia and will contribute to Polyus' targeted increase in overall gold production to 2.8-million ounces in 2019.
The miner’s production guidance for 2018 is between 2.375-million and 2.425-million ounces.
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