Polymetal International plc (POLY.L) announced the Group's production results for the third quarter ended September 30, 2012.
The company said its quarterly gold equivalent production reached an all-time high of 317 Koz, growing 48% year-on-year and 7% quarter-on-quarter. Polymetal attributed this superior operating performance to continued strong production growth at Omolon, further progress at Albazino-Amursk, and improved grade profile at Khakanja;
Sales were ahead of production, particularly for silver, representing an expected reduction in inventory and thus contributing to stronger operating cash flows. Ramp-up of Amursk POX is catching up with the plan, after several unscheduled shutdowns in the third quarter due to the need for additional welding work. Full ramp-up is expected to be achieved in November 2012.
In addition, the company is revising its fiscal 2012 production guidance to 1,050 Koz of gold equivalent, up from original 1,000 Koz. In 2013, Polymetal expects to produce about 1,200 Koz of gold equivalent, including some 760 - 800 Koz of gold and nearly 23 - 24 Moz of silver and 5 - 6 Kt of copper. The 2012 - 2013 production guidance is revised cumulatively down by 50 Koz of gold equivalent, mostly due to the delay in the expected commissioning of Mayskoye concentrator.
Meanwhile, the production guidance for 2014 remains unchanged at 1,400 Koz of gold equivalent.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.