Polymetal Intl. Q2 Revenue Up 30%

Gold producer Polymetal International plc (POLY.L) Thursday reported 30 percent growth in revenue, on the back of higher gold prices and sales volumes. Year-to-date, revenue was up 20 percent, hurt by a lag between gold production and sales due to Varvara concentrate sales.

For the second quarter, the group's revenue rose 30 percent to $641 million, and gold equivalent production grew 2% to 358 Koz, driven by a strong performance at Kyzyl which compensated for the planned decline at Svetloye.

For the half year, revenue was up 20 percent to $1.135 billion and gold equivalent production rose 4 percent to 723 Koz.

Looking ahead, the Group said it is confirming its full-year 2020 production guidance of 1.5 Moz of gold equivalent.

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