In the first half of 2023, Polymetal gold equivalent production increased 3% year on year to 764 000 ounces.
In total, the company produced 213,000 ounces at its Kazakh enterprises and 551,000 ounces at its Russian projects. Production in the second quarter of 2023 increased 22% year-on-year to 423 000 ounces. The main reason for the positive dynamics was the increase in production at Albazino (Kutyn) and Nezhda mines.
The company maintains the production forecast for 2023 of 1.7 million ounces of gold equivalent (1.2 million ounces in Russia and 500 000 ounces in Kazakhstan)
Revenue for the reporting half of the year increased by 25% compared to the same period last year to $1,315 billion due to a recovery in sales in Russia and rising gold prices.
Meanwhile, on August 7, Polymetal announced the completion of the transfer of its headquarters from Jersey Island to the Astana International Financial Center (AIFC) in Kazakhstan.
"The company confirms that its premium listing is now in Kazakhstan. The resumption of trading on AIX will be announced later, after the company completes all technical procedures," Polymetal said in a statement.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
