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Polymetal produces 1.7 Moz of gold equivalent in 2022, says met guidance despite 'unprecedented' challenges

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(Kitco News) - Russia's Polymetal, a senior global gold and silver producer, reported today that the company's 2022 gold equivalent (GE) production amounted to 1,712 Koz, a y-o-y increase of 2% and in line with the original production guidance of 1.7 Moz.

The company said that first full year of operations at Nezhda and initial production at Kytyn compensated for declining grades at mature assets.

Polymetal expects full-year total cash costs and all-in sustaining cash costs to be within the announced guidance range of US$ 900-1,000/GE oz and US$ 1,300-1,400/GE oz, respectively.

The company also reiterated its current production guidance for 2023 of 1.7 Moz of GE.

According to a company press release, revenue for 2022 stood at US$ 2.8 billion, a y-o-y decrease of 3% on the back of lower average gold and silver prices.

"2022 presented unprecedented challenges for our company. Nevertheless, Polymetal met original production guidance and maintained solid safety performance. In 2023, we are targeting stable production and return to free cash flow generation," stated Vitaly Nesis, Group CEO of Polymetal.

Polymetal International is a senior global gold and silver producer with assets in Russia and Kazakhstan.

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