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Polymetal HY Profit Rises

Gold producer Polymetal International plc. (POLY.L) reported that its net earnings for the six months ended 30 June 2020 rose to US$381 million from last year's US$153 million, with basic earnings per share improving to US$0.81 from US$0.33 in the previous year.

Underlying net earnings increased by 98% to US$373 million from US$188 million last year.

Revenue for the period increased by 21% to US$1.14 billion from last year, reflecting on the higher gold and silver prices. Gold equivalent production was 723 Koz, an increase of 4% year-on-year. Gold sales were 595 Koz, down 1% year-on-year. Silver sales were down 4% to 9.9 Moz, in line with production.

Polymetal said it is on track to meet its 2020 production guidance of 1.5 Moz of gold equivalent.

Polymetal declared an interim dividend of US$ 0.40 per share for the six months ended 30 June 2020. This brings the total dividend declared in 2020 to US$1.02 per share, or US$ 481 million in aggregate.

The dividend will be paid on 25 September 2020 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling or Euro. Such an election should be made no later than 7 September 2020.

The company noted that its board has approved revised dividend policy. It will pay dividends twice a year on a semi-annual basis, starting from 2021.

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