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Polymetal posts record output in Q3

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Polymetal posts record output in Q3

Russian miner Polymetal International Plc produced a record 470,000 gold equivalent ounces in the third quarter, jumping 26% year over year.

The quarter saw strong contributions from the fully ramped up Svetloye heap leach operation at the Okhotsk hub and the Mayskoye oxide ore processing. The Albazino and Varvara operations also achieved record quarterly production levels.

The 38% surge in gold output to 370,000 ounces was partially offset by a 7% decline in silver output to 7.4 million ounces due to the planned grade decline at the Dukat underground mine.

Sales revenue in the third quarter increased 17% year over year to US$546 million as gold sales jumped 50% on the back of higher output and prices.

The company's gold sales surged 50% to 363,000 ounces, while silver sales declined 31% to 5.8 million ounces, on a yearly basis.

Polymetal said Oct. 16 it is on track to meet its full year production guidance of 1.4 million gold equivalent ounces. Total cash costs are expected at US$600 to US$650 per gold equivalent ounce and all-in sustaining costs at US$775 to US$825 per gold equivalent ounce.

Output in 2018 is anticipated to increase to 1.55 million gold equivalent ounces, and further jump to 1.7 million gold equivalent ounces in 2019.

Meanwhile, the company noted that its Kyzyl project is on track to produce its first concentrate in the third quarter of 2018.