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01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Polymetal to withhold dividend payments for 2023 due to asset divestment as revenue rises 8%

19 march 2024

Gold miner Polymetal International has published its preliminary results for 2023, reporting an increase in revenue across its operations, but it will not pay dividends following the divestment of its Russian assets due to fear of Western sanctions.

In 2023, Polymetal's revenue increased by 8% year-on-year to $3,03 billion, of which $893 million (30%) was generated from operations in Kazakhstan and $2.13 billion (70%) from operations in the Russian Federation. In early March this year, the company has sold its assets in Russia to Mangazeya Plus JSC for $3.69 billion in a move to dodge the looming Western sanctions on its main business. In 2023, the company also moved its headquarters to Kazakhstan.

Average realised gold price increased by 9% while silver price increased by 4%. Gold equivalent production was unchanged at 1.71 million ounces. Total cash costs amounted to $861 per gold equivalent ounce, down 9% year on year on the back of a weaker ruble, but offset by a planned grade decline in Kazakhstan.

Polymetal will propose no dividend for the full year 2023. Following the recent completion of the divestment of the Russian business, the board will actively reconsider the dividend policy and intend to share an update in May this year.

"In 2023, Polymetal managed to stay profitable and reduce leverage despite persistent geopolitical headwinds," said Group CEO Vitaly Nesis.

"After the sale of the Russian assets is completed, the company will pursue long-term growth while ensuring long-term free cash flow potential of the existing assets in Kazakhstan."

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished