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Polymetal International sees higher gold prices and sales volumes boost Q2 revenue growth

By BFN News | 08:14 AM | Thursday 23 July, 2020

Mining group Polymetal International revenue for the second quarter increased by 30% year on year to reach $641m on the back of higher gold prices and sales volumes as it reported no interruptions or delays to operations and projects. In its second quarter 2020 production results, the group announced that first-half revenue was up 20% year on year to $1,135m. It said that a lag between gold production and sales due to Varvara concentrate sales was expected to close in the second half of 2020. The company's second quarter gold equivalent (GE) rose by 2% year on year to 358 Koz, which it attributed to a strong performance at Kyzyl, compensating for the planned decline at Svetloye. GE output for the first half of 2020 stood at 723 Koz, up 4% year on year. Polymetal said it generated significant free cash flow in the reporting period, while net debt was largely unchanged relative to the first quarter of 2020, at $1.69bn. Group chief executive Vitaly Nesis said: 'Q2 saw a continued steady performance of the group. 'We have been taking a range of measures aimed at protecting our employees and contractors in light of the COVID-19 pandemic, while allowing our operations and projects to proceed without interruptions or delays to date.' At 8:14am: (LON:POLY) Polymetal International PLC share price was +30p at 1737p Story provided by

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