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.