Russian gold miner Polyus produced 600 700 oz of gold in the first quarter of 2019, which is 19% more than what the company produced in the same period a year earlier.
Compared with the fourth quarter of 2018, total output was down 6%, and the London-listed gold miner explained on Tuesday that the decrease reflected a seasonal slowdown in production at its alluvial division, as well as lower refined volumes at Olimpiada, Blagdatnoye and Kuranakh.
The 9% quarter-on-quarter decline in refined gold production to 538 000 oz was partially offset by the growing output at the new Natalka mine, following completion of its ramp-up in December. The mine contributed 85 000 oz of gold to Polyus’ production.
Doré volumes totalled 656 000 oz, up 12% on the previous quarter. This growth was mainly attributed to increased doré gold production at Natalka and release of work-in-progress inventories at Olimpiada. Year-on-year, volumes of doré gold output grew by 22%.
Estimated gold sales amounted to $741-million, down 3% compared with the previous quarter, with an estimated weighted-average gold selling price of $1 308/oz.
Meanwhile, Polyus reported that it continued to implement brownfield projects across its asset portfolio.
In Krasnoyarsk region, the company was conducting expansion projects at Olimpiada and Blagodatnoye to increase throughput capacities of the milling complex to 22.4-million tonnes a year on a combined basis.
At Kuranakh, Polyus was proceeding with Stage 3 of the Kuranakh mill expansion to 5.8-million tonnes a year.
At Sukhoi Log, the miner said it was progressing well with the drilling campaign, which was 70% complete, and stated that it was on track with the preparation of a prefeasibility study.
The company would provide a maiden estimate of proven and probable ore reserves for Sukhoi Log in the first half of 2020.