Polyus realises lower total cash cost, higher second-quarter earnings
London-listed Polyus has reported a record adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the second quarter of $604-million.
The company said on Tuesday that its Ebitda was 24% up on the prior quarter’s $488-million, owing to higher gold sales volumes and lower total cash cost (TCC) an ounce during the reporting quarter.
Gold sales amounted to 685 000 oz in the second quarter, which was 20% more than the first quarter of the year.
Polyus’ group TCC for the second quarter amounted to $352/oz, down 2% compared with $358/oz in the first quarter, owing to improved performance at the Olimpiada mine, in Russia, a higher average grade in ore processed and higher sales of antimony-rich flotation concentrate.
The company’s board had recommended the dividends of $328-million for the first half of the year ended June 30, which represents 30% of the company’s Ebitda for the period. The rouble-denominated dividend per share is expected to be announced on August 22.
Based on the company’s current number of shares, the dividend is anticipated to be $2.46 apiece per ordinary share, or $1.23 apiece per depositary share.
Polyus remained on track to achieve its yearly guidance of about 2.8-million ounces of gold.
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