(Kitco News) - Russia's Polymetal, a senior global gold and silver producer, reported today that its Q3 2022 gold equivalent (GE) production grew by 7% y-o-y to 490 Koz driven by Nezhda contribution which offset output reductions at Mayskoye and Kyzyl.
According to the company's statement, its GE output for the first nine months of 2022 declined by 2% y-o-y to 1,187 Koz.
Polymetal's revenue for the quarter was down by 13% y-o-y to US$714 million, while 9M revenue decreased by 16% to US$ 1,762 million. The decline is attributable to inventory accumulation as well as lower metal prices, it said.
The company added it reiterates its 2022 full-year production guidance of 1.7 Moz GE and maintains its TCC and AISC guidance of US$ 900-1,000/GE oz and US$ 1,300-1,400/GE oz, respectively.
Polymetal also noted that its initial guidance for 2023 and 2024 envisages stable production of 1.7 Moz per annum, which is contingent on supply chain risks, adding that cost guidance for 2023 will be provided in late January 2023 together with the 2022 full year production results.
“In Q3, Polymetal stayed on track to meet our full year guidance of 1.7 Moz GE. The company has successfully completed the restructuring of its sales channels and started to unwind accumulated inventory. We expect strong positive free cash flows in Q4," stated CEO Vitaly Nesis.
Polymetal International is a senior global gold and silver producer with assets in Russia and Kazakhstan.
|
| B2Gold reports net loss in third quarter as gold production down 27% y-o-y |
