22 Oct 2009 10:32

Polymetal ups Q3 gold output 3%, silver 8%

MOSCOW. Oct 22 (Interfax) - Polymetal , Russia's biggest silver producer and a major gold producer, raised gold production 3% year-on-year in the third quarter of 2009 to 77,000 ounces, and silver output 8% to 4.1 million oz, the company said.

Silver production grew 1% in the nine months ended September 30 to 12.8 million oz, while gold production was level with the same period of last year at 210,000 oz.

The company raised its FY 2009 production forecasts to 290,000-300,000 oz from 280,000-300,000 oz gold, and to 17 million-17.5 million oz from 17 million-18 million oz silver.

It expects to produce at least 350,000-370,000 oz gold and 19 million-20 million oz silver, not including output from the Varvarinskoye field in Kazakhstan, in 2010.