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Polymetal International revenue soars 28%
StockMarketWire.com
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Polymetal International reported strong production results for the fourth quarter and twelve months ending 31 December despite the Covid-19 pandemic.
Revenue in 2020 jumped by 28% to reach $2.9 billion while fourth quarter revenue was up 31% year-on-year to $0.8 billion on the back of higher gold sales and higher metal prices.
The company's 2020 gold equivalent output amounted to 1,559 Koz, a 4% increase year-on-year and 4% above the original production guidance of 1.5 Moz.
Vitaly Nesis, group chief executive of Polymetal, said: 2020 was a successful year for Polymetal despite the COVID pandemic. We improved our safety performance and, crucially, achieved zero fatalities. The Company beat production guidance, enjoyed record free cash flow and continued to execute development projects on schedule.
In 2021, we expect first ounces from Nezhda and will make every effort to minimize the impact of the second wave of the pandemic on our safety, production, and cash flows.
Story provided by StockMarketWire.com
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