The gold mining company Polyus has published its production results for the first half of 2023. From January to July 2023, it produced 1.448 million ounces of gold, a 36% increase over the same period of 2022.
While production increased, the ore processing remained at the level of the same period of the last year.
The main increase in gold production was attributed to the Olympiadinskoye deposit and its Eastern area which contains high-grade ore.
In addition, better production results were achieved due to an increase in refined gold volumes at the Blagodatny quarry.
In the first half of the year, the company sold 1.261 million ounces of gold: this is 24% more than last year.
The company's revenue increased by 29%. The increase is attributed not only to an increase in sales volumes, but also to an increase in gold prices.
The cost of production decreased by 8% to $400 per ounce. This is due to the processing of higher grade ore, as well as the sales of a by-product - gold-antimony flotation concentrate, as reported by dprom.ru.
Alex Shishlo for Rough&Polished
