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Polyus' Q3'19 gold production, sales climb YOY

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Polyus' Q3'19 gold production, sales climb YOY

Third-quarter production for Russia's largest gold producer PJSC Polyus' climbed 9% year over year to reach a quarterly record of 752,700 ounces.

A surge in output from its Natalka and Kuranakh mines more than offset declining contributions from Olimpiada, Blagodatnoye, and Alluvials mines.

On a yearly basis, gold sales climbed 4% to 729,000 ounces, while revenue grew 29% to about US$1.06 billion as its average selling price jumped 23% to US$1,482 per ounce.

Total gold output in the first nine months of the year grew 13% from a year ago to 2.04 million ounces mainly due to the ramp up of Natalka as well as increased production volumes at the Olimpiada, Verninskoye, Alluvials and Kuranakh mines.

Nine-month sales climbed 17% year over year to about 1.98 Moz for a 27% jump in revenue to US$2.69 billion.

Polyus CEO Pavel Grachev maintained full-year production guidance at about 2.8 Moz.