Polymetal Q4 Revenue Down On Weak Prices, Backs Production View; Stock Down

Polymetal International plc (POLY.L) reported Thursday that its fourth-quarter revenue declined 6 percent to $798 million from last year's $846 million on the back of lower commodity prices.

Gold equivalent or GE production amounted to 467 thousand ounces, up 24 percent from last year's 377 thousand ounces. The growth was driven by concentrate stockpile release at Kyzyl, high grades at Dukat and first production from Nezhda.

Gold production grew 20 percent and silver production climbed 48 percent in the quarter.

Gold sales dropped 1 percent to 384 thousand ounces, and silver sales declined 7 percent.

For fiscal 2021, revenue edged up 1 percent to $ 2.9 billion with 2 percent rise in GE production of 1.68 million ounces. Gold sales was flat, while silver sales declined.

Looking ahead, the company reiterated its current production guidance of 1.7 Moz of GE for fiscal 2022, and 1.75 Moz of GE for fiscal 2023. Operations in Kazakhstan have not been affected by recent events.

Total Cash Costs or TCC in 2022 is expected to be in the range of $ 850-900/GE oz, approximately 20 percent increase versus 2021.

Capital expenditures in 2022 are expected to be approximately $700 million, a $90 million increase compared to the previous guidance.

In London, Polymetal shares were trading at 1,136.50 pence, down 1.69 percent.

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