Polymetal International PLC (POLY.L) Thursday reported higher gold equivalent production for the first quarter. However, metal sales for the period trailed the comparable prior-year quarter.
For the period, the firm reported total gold equivalent production of 235 Koz, up 16 percent from 203 Koz reported a year earlier. The company also reported quarterly gold production of 121 Koz, up 20 percent from 101 Koz reported for the year before period.
Revenue for the quarter was $341 million, down 9 percent from $377 million last year.
Polymetal further said it reiterates its 1.2 Moz production guidance, after having significantly de-risked the achievement of the 2013 targets on the back of the timely start-up of the Mayskoye concentrator in April, successful renewal of the off-take agreement for Albazino, and Amursk POX ramp-up and remedial action plan progressing in accordance with schedule.
Commenting on the development, Vitaly Nesis, CEO of Polymetal said, "Thanks to an excellent performance at Dukat and the timely launch of the Mayskoye concentrator, we are on track to achieve our annual production guidance...Polymetal is well positioned to withstand the current adverse metal price movements given our strategic preference for higher grade assets and intense management focus on cost control and efficient capital allocation."
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