JSC Polymetal, a Russian subsidiary of the Kazakhstan-based international group Polymetal Int, increased production by 4% to 38.2 tons of gold equivalent in 2023.
Gold production of JSC Polymetal's enterprises increased by 10% last year to 31.3 tons year-on-year. Meanwhile, silver production decreased by 15% compared to 2022, and amounted to 550 tons. Production volume was in line with company's forecasts.
JSC Polymetal's revenue for the year increased by 14% to $2.13 billion amid rising prices and production volumes of gold.
Meanwhile, JSC Polymetal's parent company plans to close the deal to sell assets in Russia by the end of the first quarter of 2024, the Prime news agency reports with a reference to the group’s CEO Vitaly Nesis.
“The plan is not set in stone, but it is realistic and we are making weekly progress on it,” he said. The company is negotiating with only one buyer from Russia, which is why the deadlines are so specific, Nesis added.
The purpose of the sale of all Russian assets is an attempt by Polymetal Int to avoid being sanctioned by Western countries.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
