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Polymetal H1 Profit Rises, Lifts Dividend; Backs FY21 Production View; Stock Down

Polymetal International plc (POLY.L) reported Thursday that its first-half net earnings were $419 million, up 11 percent from last year's $376 million. Earnings per share were $0.89, higher than prior year's $0.80.

Underlying net earnings were $422 million, compared to $368 million last year.

Revenue increased 12 percent to $1.27 billion from $1.14 billion a year ago, driven by higher metal prices. Average realised gold and silver prices increased by 8 percent and 59 percent, respectively.

Gold equivalent production was 714 Koz, a decrease of 1 percent year-on-year. Gold sales remained stable year-on-year at 595 Koz.

Looking ahead, Polymetal said it is on track to meet its 2021 production guidance of 1.5 Moz of gold equivalent. The company maintains its 2021 guidance range of $700-750/GE oz and $925-975/GE oz for TCC and AISC, respectively.

Further, Polymetal announced that the Board of Directors has resolved to pay an interim dividend of $0.45 per share for the six months, higher than last year's $0.40 per share. This will bring the total dividend declared in 2021 to $1.34 per ordinary share.

In addition, Polymetal announced that the Board has approved an accelerated development of the open-pit mine at Prognoz with ore processing at the Nezhda concentrator. First payable concentrate production is expected in the third quarter of fiscal 2023.

In London, Polymetal shares were trading at 1,489.61 pence, down 2.22 percent.

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