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Polyus' Q3 gold output rises 8% YOY


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Polyus' Q3 gold output rises 8% YOY

PJSC Polyus reported an 8% year over year increase in total gold output to 691,000 ounces in the third quarter, driven by higher seasonal production volumes at its Alluvial deposits and supported by solid performance at the company's hard rock deposits.

The company said Oct. 16 that gold sales for the quarter increased 12% year over year to US$821 million. Total sales were up 21% from a year ago, at 699,000 ounces. The gold was sold at US$1,209 per ounce, which was down 5% year over year. Total gold sales included 92,000 ounces of gold contained in concentrate from the Olimpiada mine in Russia.

For the first nine months of 2018, output increased 14% to 1.8 million ounces of gold, from 1.6 million ounces in the year-ago period. Sales rose 8% to US$2.11 billion. The company sold 1.7 million ounces, up 8% year over year, at US$1,275 per ounce.

CEO Pavel Grachev said the company remains confident of delivering on its production guidance of 2.375 million to 2.425 million ounces for the full year.

Additionally, the company said it launched the prefeasibility study at its Sukhoi Log gold-silver project in Russia.