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Polymetal increases gold production in the Magadan region
In the third quarter and for nine months of 2020, Polymetal increased production at the Omolon Gold Ore Company and the Kubaka plant in the Magadan Region. The enterprises produced 5,7 tons of gold and 444 tons of silver.
According to the press service of the company, from January to September, the Omolon Gold Ore Company (OZRK), operating in the Severo-Evensky urban district, increased gold production by 53% compared to the same period last year - 4,6 tons of gold and 12,4 tons silver. The processing volumes at the Omolon hub amounted to 648 thousand tons of ore. Gold production also increased in the heap leach area.
At the Dukat hub, Serebro Magadana JSC exceeded the plan for grades. The Omsukchan Gold Plant and the Lunnoye GOK plant processed more than 1,8 million tons of ore in nine months, produced 432 tons of silver and 1 kg of gold. According to Group CEO Vitaly Nesis, in the third quarter Polymetal again exceeded production targets and generated significant cash flow due to the seasonal release of working capital.
In the context of a significant increase in prices for precious metals, Polymetal intends to assess the areas with low grades, the development of which was previously postponed.
According to the company, production in the third quarter increased by 7% compared to the same period in 2019, amounting to 477 thousand gold equivalent ounces. Production increased 5% and in the first nine months of this year reached 1 Koz. Revenue for the third quarter rose 200% to $ 35 million.