Polyus ups gold production 9% in Q3, 13% in Jan-Sept
MOSCOW. Oct 22 (Interfax) - PJSC Polyus , Russia's biggest gold miner, increased production of the precious metal by 13% year-on-year to 2.037 million ounces in the first nine months of 2019, the company reported.
"This growth was mainly driven by the ramp up of Natalka as well as increased production volumes at Olimpiada, Verninskoye, Alluvials and Kuranakh," the report reads.
Gold production in the third quarter rose by 9% year-on-year and 10% quarter-on-quarter to almost 753,000 ounces.
The company said it still intends to produce about 2.8 million ounces of gold in 2019.
Polyus estimated its revenue from gold sales totaled $1.061 billion in the third quarter of 2019 and $2.688 billion in 9M, year-on-year increases of 29% and 27%, respectively.
Average sales prices grew significantly: 22% year-on-year in Q3 and 7% in 9M, to $1,482 and $1,372/oz, respectively. Sales increased 4% in natural terms, to 729,000 oz, and 17% in 9M, to 1.984 million. Sales of gold in concentrate fell 14%, to 79,000 oz, though production of concentrate grew 22% and the amount of gold contained in it grew to 103,000 oz.
The company's net debt stood at $3.317 billion at the end of September, 9% less than a quarter earlier.
Total debt fell less than 1%, to $4.855 billion.
Highlights:
| Q3 2019 | Q3 2019/Q3 2018 | Q3 2019/Q2 2019 | 9M 2019 | 9M 2019/9M 2018 | |
| Total gold output, '000 oz | 752.7 | 9% | 10% | 2 037.2 | 13% |
| - Refined gold | 649.7 | 4% | 6% | 1 803.0 | 13% |
| - - Olimpiada | 239.9 | -15% | -15% | 770.9 | 0% |
| - - Blagodatnoye | 96.5 | -12% | -7% | 294.6 | -3% |
| - - Natalka | 100.4 | 131% | 15% | 272.7 | 158% |
| - - Verninskoye | 63.3 | 6% | 3% | 192.0 | 12% |
| - - Kuranakh | 68.2 | 55% | 36% | 161.8 | 20% |
| - - Alluvials | 81.4 | -3% | 175% | 111.0 | 3% |
| - Gold in concentrate | 103.0 | 53% | 50% | 234.2 | 14% |
| - - Gold payable in concentrate | 76.4 | 53% | 50% | 173.7 | 15% |
| Antimony in flotation concentrate, '000 tonnes | 4.978 | -22% | 33% | 9.837 | -51% |
| Ore mined, mln tonnes | 17.477 | 38% | 12% | 47.084 | 53% |
| Ore processed, mln tonnes | 11.366 | 9% | 4% | 32.551 | 13% |
| Recovery rate | 82.1% | 1.5 pp | -0.1 pp | 81.9% | 1.0 pp |
| Total dore & slime gold output, 000' oz | 770.2 | 10% | 9% | 2 132.3 | 14% |
| Total gold sales, 000' oz (including in concentrate) | 729 | 4% | 6% | 1 984 | 17% |
| - Refined gold | 650 | 7% | 4% | 1 826 | 18% |
| - Gold in concentrate | 79 | -14% | 39% | 158 | 16% |
| Gold sales, $ bln | 1.061 | 29% | 20% | 2.688 | 27% |
| Weighted-average refined gold selling price, $/oz | 1482 | 22% | 13% | 1372 | 7% |