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Polymetal 2019 Gold Equivalent Production Up 3%

Polymetal International plc. (POLY.L) reported that its gold equivalent production for fiscal year 2019 was to 1.614 million ounce, an increase of 3% over 2018. Production from continuing operations grew by 14% year-on-year to 1.609 million ounce gold equivalent.

Full-year revenue rose 19% to US$2.2 billion on the back of higher volumes and metal prices.

Gold equivalent output for the fourth-quarter was 383 thousand ounce, 15% below last year production from continuing operations, mainly as a result of limited throughput at the POX plant in the reporting quarter due to scheduled downtime which was part of the POX-2 project activities.

Quarterly revenue increased by 1% to US$643 million as lower volumes were offset by increasing prices.

The company reiterated its current production guidance of 1.6 million ounce of gold equivalent for each of 2020 and 2021.

The company now expects capital expenditures for 2020 to be about US$475 million. The US$50 million increase compared to the previous estimate is driven by accelerated pre-stripping at Nezhda, several environmentally driven investments, as well as stronger Rouble.

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