LONDON, July 27, 2022 – Polymetal International (LSE: POLY), a leading precious metals producer, announced today that it has achieved record gold production in the second quarter of 2022, beating its own expectations.
Strong Quarter-Over-Quarter Growth
The company reported that gold production in Q2 2022 reached 341,000 ounces, a 15% increase compared to the same period last year. This impressive performance marks the highest quarterly gold production in Polymetal’s history.
Improved Operating Efficiency
Polymetal’s improved operating efficiency was a key factor contributing to its record gold production. The company’s operations team implemented various initiatives to optimize mine operations, reduce costs, and increase gold recovery rates.
Notable Highlights:
- At the Polyus Varvara mine, gold production increased by 21% quarter-over-quarter, driven by higher gold grades and increased tonnes milled.
- At the Nezhda mine, gold production grew by 14% quarter-over-quarter, benefiting from improved recovery rates and higher gold grades.
- At the Hub Dolomitovoye mine, gold production declined by 5% quarter-over-quarter, primarily due to planned maintenance and temporary processing plant restrictions.
Guidance for 2022
Based on its strong Q2 performance, Polymetal has raised its 2022 gold production guidance to 1.35-1.45 million ounces, an increase of 10-15% compared to 2021. The company also reiterated its guidance for copper production, expecting it to range between 220,000-240,000 tonnes for the full year.
Outlook for the Rest of the Year
"We are delighted with our record gold production in Q2 and believe that our operational improvements and increased production capacity will enable us to achieve our 2022 guidance," said Vitaly Nesis, CEO of Polymetal International. "We are well-positioned to benefit from the strong gold prices and are confident in our ability to deliver value to our shareholders in the coming months."
Contact Information
For further information, please contact:
Vitaly Nesis, CEO
Polymetal International
+7 (495) 645 66 00
[email protected]
About Polymetal International
Polymetal International is a leading precious metals producer with a diversified portfolio of mines in Russia and Kazakhstan. The company is listed on the London Stock Exchange (LSE: POLY) and is a constituent of the FTSE 250 index. Polymetal International is committed to responsible mining practices, sustainable development, and shareholder value creation.
Comments are closed