Polymetal Q4 revenue up 1% as prices offset lower output
By Frank Prenesti
Date: Thursday 23 Jan 2020
(Sharecast News) - Russian gold and silver producer Polymetal said fourth fourth quarter revenue rose 1% year-on-year to $643m as lower output volumes were offset by increasing prices.
The company on Thursday said full-year revenue jumped by 19% to $2.2bn on the back of higher volumes and metal prices.
Fourth quarter gold production fell by 25% to 312,000 ounces. Polymetal reiterated current production guidance of 1.6m ounces of gold equivalent for full year 2020 and 2021.
The company added it expected capital expenditures at $475m in 2020.
Full year gold equivalent production rose 3% year on year to 1.61m ounces - a 4% increase over original guidance.
A strong contribution from the company's Kyzyl mine "more than compensated for disposals against the backdrop of stable results from the rest of the portfolio".
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