Production results of Polymetal for Q3 2015
Edited by Rhod Mackenzie / 2015-10-21 12:49:31
Metals and mining Russia Russia mineral extraction Mineral Extraction Russia Metals and Mining Polymetal Gold Silver
Polymetal International plc announces production results of the group for Q3 2015 and 9 months 2015.
- Polymetal has again shown very good results. In Jan-September 2015, 1.061 thousand ounces o gold equivalent were produced- by 2% more than in Jan-September 2014.
- Production in Q3 made up 429 thousand ounces of gold equivalent – having risen by 28% against Q2 and by 10% against Q3 2014 due to the seasonal sale of stocks of concentrate at the Maysky GOK and good results at Dukat and Albazino. Quarterly gold production made up 270 thousand ounces having risen by 4% against Q3 2014. Silver production in Q3 made up 9.3 mln ounces having rise by 21% y-o-y.
- In Q3 Polymetal kept generating free monetary flow and paid interim dividends to the shareholders amounting to $34 mln. As of September 30th 2015, the net debt rose by $35 mln against June 30th 2015 and made up $1.268 mln as the company paid $68 mln of bonuses for net payment by the option in the framework of the purchase of the Kyzyl project. Within the first few quarters the major part of silver is usually sold in the form of concentrate to other buyers and it leads to the longer cycle of incomplete production. This tendency is expected to be changed for the back tendency until the end of the year with the respective monetary inflow.
