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Polymetal Gold Equivalent Production Up 27%

Kitco News

Russian miner Polymetal International (LSE:POLY) says its Q1 revenues were up 28% year-on-year to US$454 million due to a 41% uptick in gold sales and increased production.

The company’s Q1 gold equivalent production grew 27% year-on-year to 374 Koz. The company singled out its Kyzyl mine which “. . .exceeded design throughput and recovery and enjoyed positive grade reconciliation.”

The company says it is on track to produce 1.55 Moz of gold equivalent ounces with an all-in-sustaining cost of US$800-$850 per ounce.

Silver production was down 15% due to the planned grade decline at the Dukat underground mine.

The company had one fatality during the quarter. An underground driller died following an injury from the rotating part of the rig.

“The two most recent fatalities at Polymetal operations, one each in 2018 and 2019, were both related to subjective factors. As a result, the focus of our efforts to ensure safe working conditions will increasingly shift towards behavioural analysis and proactive instruments of checking and preventing potentially unsafe employee actions,” said the company in a news release.

Polymetal operates mines in Russia and Kazakhstan. It is listed on the London Stock Exchange and Moscow Stock Exchange.

Written with material from Polymetal news release. Creative Commons image courtesy of dave_7
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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