https://www.miningweekly.com

Polymetal reports record net profit on higher gold prices

3rd March 2021

By: Reuters

  

Font size: - +

MOSCOW – Polymetal, one of Russia's largest gold and silver producers, said on Wednesday its 2020 net earnings rose to a record high of $1.-billion due to stronger global prices for precious metals and higher sales of gold.

"We are pleased to report record net earnings for the year amidst a challenging global backdrop," Vitaly Nesis, Polymetal CEO said in a statement.

Its 2020 revenue rose by 28% to $2.9-billion as gold and silver prices jumped by 27%.

The company's board of directors recommended a final dividend for 2020 of $0.89 per share, or $419-million in total, Polymetal said. This will bring the total 2020 dividend to $608 million.

The miner is on track to produce 1.5-million troy ounces of gold equivalent, which is a mix of gold and other metals, in 2021 and 1.6-million ounces in 2022, it said. Its 2021 total cash costs are expected in the range of $700/oz to 750/oz

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Stewarts & Lloyds
Stewarts & Lloyds

Stewarts & Lloyds is a leading steel, tube, and engineering product supplier in South Africa.

VISIT SHOWROOM 
Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.044 0.067s - 110pq - 2rq
Subscribe Now