Polymetal International plc headquartered in Kazakhstan has reported its production results for the first quarter ended March 31, 2024.
The group’s revenue for the reporting period has increased 26% to $294 million on the back higher gold prices and improved timing of the sales receipts. Gold production for the quarter grew by 2% year-on-year to 117,000 ounces due to higher concentrate shipment volumes at Kyzyl project.
The net cash position of Polymetal amounted to $155 million thanks to the sale of its Russian assets during the quarter versus net debt of $174 million in the previous quarter.
The company’s full-year production guidance has remained unchanged at 475,000 ounces.
“Q1 production was in line with our guidance. We expect sales to gain pace in the following quarters”, said the company’s CEO Vitaly Nesis.
Polymetal Int has been registered in Kazakhstan since August 2023, and in March this year it sold its assets in Russia. In 2023, production at the company's mines in Kazakhstan decreased by 10% to 486,000 ounces of gold equivalent.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
