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After strong Q2'17 output, Polyus ups guidance for 2018, 2019


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After strong Q2'17 output, Polyus ups guidance for 2018, 2019

Increased production at the Olimpiada and Verninskoye projects helped boost PJSC Polyus's second quarter gold output by 7% year over year to 488,000 ounces, the company said Aug. 11.

Olimpiada and Verninskoye increased output by 26% and 20% respectively in the period.

Polyus booked US$617 million in gold sales from 497,000 ounces sold at an average price of US$1,261/oz. The second quarter of 2016 had sales of US$564 million from 437,000 ounces sold at an average price of US$1,257/oz.

The company also noted growth in first half operational results, booking a rise in output to 938,100 ounces from 839,400 ounces in the same period last year.

Company CEO Pavel Grachev said that Polyus was on track to meet its 2017 production goals and that it was revising up guidance for 2018 and 2019.

"With the majority of our brownfield development projects scheduled for completion in 2017-2018 and production at Natalka expected to be commissioned by the end of 2017, Polyus now expects total gold output to further increase to 2.35 [million ounces] to 2.4 million ounces in 2018 and to 2.80 million ounces in 2019," he said.