Polymetal boosts Q1 gold output 24%
MOSCOW. April 16 (Interfax) - Polymetal International plc, the controlling shareholder in Russian silver and gold miner OJSC Polymetal , boosted gold production 24% year-on-year in Q1 2012 to 101,000 oz, the company said in a statement.
Silver production soared 74% to 5.7 million oz while copper production fell 11% to 1,555 tonnes.
Gold sales were up 13% to 105,000 oz and silver 99% to 5.9 million oz. Copper sales also rose, by 75% to 1,884 tonnes.
Polymetal's sales revenue grew 64% year-on-year in Q1 to $377 million.
"First quarter operating performance was strong, with gold equivalent production growing 41% year-on-year to 203 Koz on the back of strong improvements at Omolon and Dukat. Additional 32 Koz of payable gold is contained within concentrate produced at Albazino during the quarter," the company said.
Planned gold equivalent production this year as a whole is over 1 million oz.
Jersey-based Polymetal International plc is the holding company of OJSC Polymetal , which is the country's largest silver producer and one of its leading gold producers. The company's enterprises are located in the Magadan and Sverdlovsk regions, the Khabarovsk territory, in Chukotka and in Kazakhstan.