Polymetal revenues shine after record Q4 production

Gold and silver producer Polymetal on Thursday said final quarter revenues jumped 11% to $652m year on year driven by record production after a full ramp-up at its Nezhda mine in Kazakhstan.

Overall, Polymetal said gold equivalent (GE) production rose 23% to a record 497,000 troy ounces.

It added that there would be no special dividend for 2018 as free cash flow would be fully distributed to shareholders through the regular dividend at a payout ratio amounting to a half of underlying net income.

Previous production guidance of 1.55m ounces and 1.6m ounces of (GE) for 2019 and 2020 respectively was reiterated. Total cash costs were expected to be $600-650 per ounce of GE in 2019 with capital expenditures at $380m.