Polymetal Int (combines the assets of Polymetal JSC) published its production results in Russia for January-September 2023.
Gold equivalent production in the first nine months of 2023 increased by 14% year-on-year to 28.9 tons due to the launch of new production at the Krasnoturinsk-Polymetal factory, as well as production growth at the Albazino, Omolon, Nezhdaninskoye and Mayskoye fields.
The company expects to fulfill the annual production plan of 38.5 tons in gold equivalent.
Polymetal's revenue for the first nine months of 2023 increased by 36% year-on-year to $1.55 billion as a result of increased sales and metal prices. EBITDA for the period increased by 161% and reached $694 million due to revenue growth and lower operating costs due to the weakening of the ruble.
Net debt in January-September increased by 4% to $2.21 billion.
Polymetal is a leading producer of gold and silver in Russia.
Alex Shishlo for Rough&Polished
