Polymetal Q4 revenue up 1% as prices offset lower output

Russian gold and silver producer Polymetal said fourth fourth quarter revenue rose 1% year-on-year to $643m as lower output volumes were offset by increasing prices.

The company on Thursday said full-year revenue jumped by 19% to $2.2bn on the back of higher volumes and metal prices.

Fourth quarter gold production fell by 25% to 312,000 ounces. Polymetal reiterated current production guidance of 1.6m ounces of gold equivalent for full year 2020 and 2021.

The company added it expected capital expenditures at $475m in 2020.

Full year gold equivalent production rose 3% year on year to 1.61m ounces – a 4% increase over original guidance.

A strong contribution from the company's Kyzyl mine “more than compensated for disposals against the backdrop of stable results from the rest of the portfolio”.