trending Market Intelligence /marketintelligence/en/news-insights/trending/_r7JrG9TAOZPkNZOmHhyvA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Polymetal expects to beat FY'19 gold output target on strong Kyzyl showing

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Polymetal expects to beat FY'19 gold output target on strong Kyzyl showing

Polymetal International PLC is on track to beat its full-year production guidance of 1.55 million gold equivalent ounces by up to 50,000 ounces thanks to the strong performance of its Kyzyl mine in Kazakhstan.

The company's third-quarter output grew 7% year over year to 476,000 ounces; Kyzyl was the biggest contributor at 94,000 ounces. That brought the total for the first nine months of 2019 to 1.23 million ounces, up 16% from 1.07 million ounces.

The concentrator at Kyzyl achieved steady-state throughput of 2.0 million tonnes per annum, or 11% above the original design, following the completion of several improvement projects, Polymetal said Oct. 24.

The company is studying a possible throughput increase to 2.1 mtpa by the second half of 2020. It will release a feasibility study Nov. 11 to reoptimize the open pit and update the ore reserve estimate.

Third-quarter gold output grew 13% to 402,000 ounces, while silver output dropped 20% to 5.4 million ounces due to asset disposals in 2018 and a planned grade decline at the Dukat operation in Russia. Copper output declined 36% to 600 tonnes.

Gold sales rose 21% to 388,000 ounces, silver sales increased 15% to 6.1 Moz, and copper sales jumped 109% to 1,000 tonnes. As a result, revenue climbed 43% to US$656 million.

Despite a cost increase from royalties driven by high commodity prices, the company maintained its full-year guidance for total cash cost of between US$600 per ounce and US$650/oz of gold equivalent and all-in-sustaining cost of between US$800/oz and US$850/oz of gold equivalent.