Polymetal International PLC on Thursday posted significantly stronger revenue for the second quarter, as it benefited from improved gold prices and sales volumes.
The FTSE 100 precious metals miner said its revenue rose 30% to $641 million in April-June compared with a year earlier, although gold sales volumes were up only 3%, at 324,000 ounces.
Overall production rose 2% to 358,000 gold equivalent ounces in April-June, and gold output increased 5% to 318,000 ounces.
As for the whole of 2020, Polymetal guided for production of 1.5 million gold equivalent ounces. This is down from the previous forecast of 1.6 million. The company maintains its cost guidance for the year.
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