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In January-September, Polymetal increased production by 7%
“The growth is primarily due to an increase in the productivity of the factories at Dukat, Omolon and Mayskiy, as well as consistently high grades,” the company says. Including silver production increased by 8% to 23,2 million ounces (721,6 tons), gold production - by 9% to 646 thousand ounces (20 tons). Copper output decreased 2,5 times to 1,6 thousand tons.
Thus, the production plan for 2014 in the volume of 1,3 million ounces (40,4 tons) in gold equivalent is exceeded by 5%. In 2015 and 2016 Polymetal intends to produce 1,35 million and 1,4 million ounces in gold equivalent, respectively.
Meanwhile, Polymetal's nine-month revenues declined 3% to $ 1,175 billion. By September 30, the company's debt increased to $ 1,332 billion, as the company raised a $ 318,5 million loan to acquire the Kyzyl gold project in Kazakhstan (the deal was completed on September 4) ... The company continued to generate free cash flow and pay dividends.
Polymetal conducts production and exploration in four regions of Russia: the Magadan and Sverdlovsk regions, in the Khabarovsk Territory and in Chukotka, and also in Kazakhstan.
The Czech PPF Group NV of Petra Kellner owns 18,55% of the share capital of Polymetal, 19,86% belongs to the IST group of Alexander Nesis, 10,13% to Alexander Mamut, 1% to the company's management, more than 50% of the shares are in free float.