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(Kitco News) - Polymetal International, a senior global gold and silver producer, announced Wednesday that its Q2 2023 gold equivalent production grew by 22% year-on-year to 423 thousand ounces driven by increases within Russian operations.
Polymetal said it reiterates its full-year 2023 production guidance of 1.7 million ounces of gold equivalent (1.2 million ounces in Russia and 500 thousand ounces in Kazakhstan).
The company’s revenue for the reporting quarter and six months increased by 34% and 25% year-on-year to US$ 581 and US$ 1,315 million respectively on the back of sales volumes recovery in Russia and higher metal prices.
According to a press release, Polymetal’s net debt reached US$ 2.59 billion (US$ 0.2 billion in Kazakhstan and US$2.39 billion in Russia) on the back of sanctions-related sales disruptions in the Russian business.
“Q2 saw a set of solid production results supporting our full-year production guidance of 1.7 Moz of GE. The company continued to experience logistical disruptions of concentrate shipments. Management is working on establishing new transportation routes to resolve this issue by Q4 2023,” said CEO Vitaly Nesis.
Polymetal International is a senior global gold and silver producer with assets in Russia and Kazakhstan. Polymetal has a portfolio of ten producing gold and silver mines and a pipeline of future growth projects. The company is listed on the London Stock Exchange, Moscow Stock Exchange and Astana International Exchange.
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