https://www.miningweekly.com
drives|Gold|Operations
drives|Gold|Operations
drives|gold|operations

Kyzyl drives Polymetal second-quarter growth

24th July 2019

By: Creamer Media Reporter

     

Font size: - +

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

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

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:0.116 0.149s - 108pq - 2rq
Subscribe Now