Polymetal reports quarterly growth in production and revenue

(Alliance News) - Polymetal International PLC on Wednesday said higher metal prices and sales recovery drove its quarterly revenue.

The St Petersburg, Russia-based miner said in the three months to June 30, revenue grew by 34% to USD581 million from USD433 million a year prior.

This was driven by sales volume recovery in Russia, as well as higher metal prices, Polymetal said.

Gold equivalent production grew by 22% to 423,000 ounces of gold from 348,000, driven by increases within its Nezhda and Albazino operations in Russia.

Chief Executive Officer Vitaly Nesis said: "The second quarter saw a set of solid production results supporting our full-year production guidance of 1.7 million ounces of gold equivalent. The company continued to experience logistical disruptions of concentrate shipments. Management is working on establishing new transportation routes to resolve this issue by the fourth quarter of 2023."

Shares in Polymetal are currently suspended.

By Sabrina Penty, Alliance News reporter

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