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Polymetal International doubles dividend as profit jumps on higher gold price

By BFN News | 07:17 AM | Wednesday 26 August, 2020

Mining company Polymetal International hiked its dividend after its first-half earnings more than doubled on the back of higher gold and silver prices. The company declared a dividend for the six months through July of 40c per share, up from 20c on-year. Net income jumped to $381m, up from $153m on-year, as revenue rose 21% to $1.14bn. Gold prices have surged during the pandemic because the asset is seen as a safe-haven investment. Polymetal said it realized an average gold price during the period of $1,661 an ounce, up 25% on-year. It also realized a 10% higher average sliver price. Gold equivalent production rose 4% to 723k ounces. 'We are pleased to report a strong financial performance in the first half of the year amidst a challenging global backdrop,' chief executive Vitaly Nesis said. 'Favourable commodity prices and our tight cost control, as well as the impact of foreign exchange and improved grades, drove a significant increase in the group's earnings, cash flow and dividends.' 'Importantly, we've been able to minimise the impact of the Covid-19 pandemic on our people, communities, and operations. Our key development projects continue to progress on schedule.' Story provided by

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