Polymetal International plc (POLY) Polymetal: Q2 2022 production
results 21-Jul-2022 / 09:00 MSK Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
-----------------------------------------------------------------------------------------------------------------------
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 21 July 2022 Polymetal International plc Q2 2022 production results
Polymetal reports solid production results for the second
quarter of 2022.
"In Q2, we hit our production targets and are on track to meet
our full-year guidance. International sanctions against Russia
continue to have a material impact on sales, procurement and
logistics. The management is fully focused on maintaining operating
and financial stability of the Company", said Vitaly Nesis, Group
CEO of Polymetal.
HIGHLIGHTS
-- No fatal accidents occurred among Group workforce and
contractors in Q2 2022. During this period, twominor LTI incidents
were recorded among employees. Lost time injury frequency rate
(LTIFR) for the six-month perioddecreased by 53% year-on-year
(y-o-y) to 0.08 (0.17 in H1 2021).
-- Q2 gold equivalent production ("GE") decreased by 9%
year-on-year to 326 Koz. Lower grades and plannedlong maintenance
shutdown at the Amursk POX reduced output from Kyzyl and Albazino,
more than offsetting freshcontribution from Nezhda.
-- GE output for H1 was 697 Koz, down by 7% y-o-y, including 453
Koz in Russia and 244 Koz in Kazakhstan.?OVID-related restrictions
in China forced the Company to reduce shipments of gold
concentrates from Nezhda andKyzyl. The Company reiterates its
full-year production guidance of 1.7 Moz of GE (1.2 Moz in Russia
and 500 Koz inKazakhstan), however notes a risk of underperformance
given persistent lockdowns and logistical constraints inChinese
ports and railway.
-- In Q2, 130 Koz of GE in gold and silver bullion inventory
accumulated across the Group's Russian mines.This gap between sales
and production is likely to be closed during Q3 as the Company
ramps up export sales tovarious Asian markets.
-- Revenue for the quarter recorded a 36% decline y-o-y to USUSD
433 million, while H1 revenue was down by 18%to USUSD 1,048 million
(USUSD 605 million Russia and USUSD 443 million Kazakhstan). The
negative dynamics was the resultof lower sales volumes on the back
of inventory accumulation, while the average realized price was
marginallyhigher.
-- Net debt as of the end of Q2 stood at approximately USUSD 2.8
billion. A quarterly increase of USUSD 0.8billion was driven by
bullion and concentrate inventory accumulation, accelerated
purchases of equipment andspares, funding of the critically
important contractors and suppliers, and upward USUSD re-valuation
ofruble-denominated debt driven by significant Rouble strengthening
during the quarter. The Company maintainssufficient liquidity with
USUSD 0.5 billion in cash and USUSD 0.4 billion of undrawn credit
lines with non-sanctionedbanks.
-- Given significant appreciation of Ruble against US Dollar,
the Company will update its FY2022 cash costsand CAPEX guidance
with the publication of its H1 2022 financial results on 22
September 2022.
OPERATING HIGHLIGHTS
3 months ended June
30, 6 months ended June 30,
% change1 % change1
2022 2021 2022 2021
Waste mined, Mt 55.0 52.5 +5% 110.0 98.0 +12%
Underground development, km 25.1 23.3 +8% 48.9 46.3 +6%
Ore mined, Mt 5.1 3.8 +37% 9.4 7.5 +26%
Open-pit 4.1 2.8 +47% 7.4 5.6 +33%
Underground 1.0 0.9 +7% 2.0 1.9 +5%
Ore processed, Mt 4.3 4.0 +8% 8.4 7.6 +11%
Average GE grade processed, g/t 3.3 3.7 -9% 3.4 3.8 -11%
Production
Gold, Koz 271 299 -9% 587 635 -8%
Silver, Moz 4.3 4.8 -10% 8.8 9.4 -6%
Gold equivalent, Koz2 326 359 -9% 697 753 -7%
Sales
Gold, Koz 189 315 -40% 456 595 -23%
Silver, Moz 4.4 4.3 +3% 8.7 8.0 +9%
Revenue, USUSDm3 433 681 -36% 1,048 1,274 -18%
Net debt, USUSDm4 2,801 1,978 +42% 2,801 1,647 +70%
LTIFR (Employees)5 0.06 0.10 -40% 0.08 0.17 -53%
Fatalities 0 0 NA 0 0 NA
Notes: (1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise,
% changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all tables in
this release.
(2) Based on 80:1 Au/Ag conversion ratio and excluding base metals. Comparative data for 2021 restated accordingly
(120:1 Au/Ag conversion ratio was used previously).
(3) Calculated based on the unaudited consolidated management accounts.
(4) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 31
March 2022 (for the three months period) and 31 December 2021 (for the six months period).
(5) LTIFR = lost time injury frequency rate per 200,000 hours worked.
6) DIS - days lost due to work-related injuries.
PRODUCTION BY MINE
3 months ended June 30, % 6 months ended June 30, %
2022 2021 change 2022 2021 change
GOLD EQ. (KOZ)1
Kazakhstan 105 144 -27% 244 293 -17%
Kyzyl 53 93 -43% 135 182 -26%
Varvara 52 51 +3% 109 110 -1%
Russia 220 215 +3% 453 460 -2%
Dukat 61 68 -11% 127 135 -6%
Albazino 39 46 -15% 95 123 -23%
Omolon 45 51 -12% 85 98 -14%
Nezhda 31 - NA 61 - NA
Svetloye 24 26 -8% 43 53 -19%
Voro 19 19 +2% 39 41 -4%
Mayskoye 1 4 -68% 4 10 -60%
TOTAL 326 359 -9% 697 753 -7%
Notes: (1) Based on 80:1 Au/Ag conversion ratio and excluding
base metals. Comparative data for 2021 restated accordingly 120:1
Au/Ag conversion ratio was used).
CONFERENCE CALL AND WEBCAST
The Company will hold a conference call and webcast on Thursday,
21 July 2022 at 11:00 London time (13:00 Moscow time).
To participate in the call, please dial:
From the UK:
+44 (0) 330 165 4012 (local access)
0800 279 6877 (toll free)
From the US:
+1 646 828 8073 (local access)
800 289 0720 (toll free)
From Russia:
+7 495 646 5137 (local access)
8 10 800 2865 5011 (toll free)
To participate from other countries, please dial any of the
local access numbers listed above.
Conference code: 1493984
To participate in the webcast follow the link:
https://www.webcast-eqs.com/polymetal20220721.
Please be prepared to introduce yourself to the moderator or
register.
A recording of the call will be available at +44 (0) 20 3859
5407 (from the UK), +1 719 457 0820 (from the USA) and 8 10 800
2702 1012 (from Russia), access code 1493984, from 15:30 London
time Thursday, 21 July, till 15:30 London time Thursday, 28 July
2022. Webcast replay will be available on Polymetal's website
(www.polymetalinternational.com) and at
https://www.webcast-eqs.com/polymetal20220721.
Enquiries
Investor Relations
Polymetal ir@polymetalinternational.com
Evgeny Monakhov +44 20 7887 1475 (UK)
Timofey Kulakov
Kirill Kuznetsov +7 812 334 3666 (Russia)
Forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements speak only as at the date of this release. These
forward-looking statements can be identified by the use of
forward-looking terminology, including the words "targets",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "would", "could" or "should" or similar expressions
or, in each case their negative or other variations or by
discussion of strategies, plans, objectives, goals, future events
or intentions. These forward-looking statements all include matters
that are not historical facts. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the company's
control that could cause the actual results, performance or
achievements of the company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the company's present and
future business strategies and the environment in which the company
will operate in the future. Forward-looking statements are not
guarantees of
future performance. There are many factors that could cause the
company's actual results, performance or achievements to differ
materially from those expressed in such forward-looking statements.
The company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
KYZYL
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 21.0 20.6 +2% 41.7 40.9 +2%
Ore mined (open-pit), Kt 547 542 +1% 1,131 1,098 +3%
PROCESSING
Ore processed, Kt 535 569 -6% 1,086 1,133 -4%
Gold grade, g/t 4.8 6.5 -26% 4.8 6.2 -23%
Gold recovery 89.0% 89.9% -1% 88.3% 89.4% -1%
Concentrate produced, Kt 24.5 34.2 -28% 49.3 69.3 -29%
Concentrate gold grade, g/t 94.5 97.0 -3% 93.0 90.9 +2%
Gold in concentrate, Koz1 75 107 -30% 148 202 -27%
Concentrate shipped, Kt 15 21 -27% 26 48 -45%
Payable gold shipped, Koz 28 40 -29% 48 86 -44%
Amursk POX
Concentrate processed, Kt 7 13 -47% 21 25 -18%
Gold grade, g/t 131.2 130.8 +0% 132.1 133.9 -1%
Gold recovery 94.0% 90.2% +4% 94.4% 91.3% +3%
Gold produced, Koz 25 53 -54% 87 96 -10%
TOTAL PRODUCTION
Gold, Koz 53 93 -43% 135 182 -26%
Note: (1) For information only; not considered as gold produced
and therefore not reflected in the table representing total
production. It will be included in total production upon shipment
to off-taker or dore production at Amursk POX.
(2) To be further processed at Amursk POX.
In Q2, gold in concentrate production at Kyzyl contracted by 30%
mostly due to the planned decline in grade as mining shifted to the
eastern part of the pit.
Concentrate inventory continued to accumulate due to the Amursk
POX shutdown and COVID-related logistical restrictions in
China.
Recovery rate at POX grew by 4% y-o-y due to improvements in the
flowsheet implemented during the maintenance shutdown (addition of
conditioning slurry tanks).
VARVARA
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 10.3 10.0 +3% 21.3 19.5 +9%
Ore mined, Kt 1,113 850 +31% 2,070 1,906 +9%
PROCESSING
Leaching
Ore processed, Kt 829 794 +4% 1,598 1,558 +3%
Gold grade, g/t 1.6 1.7 -2% 1.7 1.7 -0%
Gold recovery1 91.1% 89.9% +1% 90.3% 88.2% +2%
Gold production (in dore), Koz 41 38 +8% 87 84 +3%
Flotation
Ore processed, Kt 192 185 +4% 371 375 -1%
Gold grade, g/t 2.8 2.8 -2% 2.8 2.7 +4%
Recovery1 88.4% 83.9% +5% 89.0% 84.3% +6%
Gold in concentrate, Koz 11 12 -14% 22 26 -14%
TOTAL PRODUCTION
Gold, Koz 52 51 +3% 109 110 -1%
Note: (1) Technological recovery, includes gold and copper
within work-in-progress inventory. Does not include toll-treated
ore.
Gold output at Varvara was largely stable y-o-y and exceeded the
production plan.
Grade processed at the flotation circuit remained high on the
back of prevailing share of better quality third-party ore. Gold
recovery at the leaching circuit grew following the flowsheet
improvements.
Ore mined increase is driven by the start of mining at the River
pit.
At Varvara, a pilot rail-veyor project (the first one
implemented in Eurasia) was commissioned to transport incoming ore
from the railway spur to the crusher, thus reducing the greenhouse
gas emissions and ore transportation cost.
Varvara Mine Supply Chain has become the first company in
Kazakhstan (and third in Polymetal) which was certified in full
compliance under the International Cyanide Management Code by the
International Cyanide Management Institute (ICMI).
DUKAT
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 1.0 0.7 +53% 1.9 1.1 +79%
Underground development, km 12.0 11.1 +8% 23.5 22.8 +3%
Ore mined, Kt 601 638 -6% 1,234 1,283 -4%
Open-pit 109 119 -9% 215 223 -4%
Underground 492 518 -5% 1,019 1,060 -4%
PROCESSING
Omsukchan concentrator
Ore processed, Kt 506 508 -1% 1,021 1,021 -0%
Grade
Gold, g/t 0.5 0.6 -14% 0.6 0.5 +12%
Silver, g/t 231 257 -10% 240 255 -6%
Recovery1
Gold 83.5% 87.1% -4% 83.6% 85.3% -2%
Silver 85.4% 87.6% -3% 85.1% 87.2% -2%
Production
Gold, Koz 6 8 -18% 15 14 +9%
Silver, Moz 3.1 3.6 -14% 6.5 7.1 -9%
Lunnoye plant
Ore processed, Kt 117 122 -4% 232 237 -2%
Grade
Gold, g/t 2.0 1.6 +24% 2.0 1.6 +26%
Silver, g/t 201 219 -8% 193 235 -18%
Recovery1
Gold 90.5% 90.0% +1% 91.0% 90.8% +0%
Silver 93.1% 93.2% -0% 92.9% 92.6% +0%
Production
Gold, Koz 7 6 +24% 13 11 +25%
Silver, Moz 0.7 0.8 -12% 1.4 1.6 -18%
TOTAL PRODUCTION
Gold, Koz 13 13 -1% 29 25 +16%
Silver, Moz 3.8 4.4 -13% 7.8 8.8 -11%
Notes: (1) Technological recovery, includes gold and silver
within work-in-progress inventory.
Dukat H1 production was above the plan as throughput and grade
exceeded the budget.
Waste mined increase in H1 is attributable to the mining of
crown pillars at the Dukat open pit.
At Primorskoye, the Company is stockpiling crushed ore with
shipments to customers expected to commence in August.
ALBAZINO
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 7.1 5.6 +27% 14.3 10.7 +34%
Underground development, km 5.0 3.9 +27% 9.5 7.1 +33%
Ore mined, Kt 1,065 455 +134% 1,837 949 +94%
Open-pit 855 268 +219% 1,424 576 +147%
Underground 211 187 +13% 413 373 +11%
PROCESSING
Albazino concentrator
Ore processed, Kt 454 444 +2% 907 871 +4%
Gold grade, g/t 3.2 4.0 -20% 3.2 4.1 -22%
Gold recovery1 86.2% 88.4% -2% 86.5% 88.6% -2%
Concentrate produced, Kt 32.8 33.7 -3% 65.1 66.5 -2%
Concentrate gold grade, g/t 38.6 46.7 -17% 38.8 48.1 -19%
Gold in concentrate, Koz2 41 51 -20% 81 103 -21%
Amursk POX
Concentrate processed, Kt 24 34 -29% 68 82 -18%
Gold grade, g/t 39.5 47.1 -16% 42.6 50.4 -16%
Gold recovery 93.5% 96.3% -3% 95.4% 96.4% -1%
Gold produced, Koz 39 46 -15% 95 123 -23%
TOTAL PRODUCTION
Gold, Koz 39 46 -15% 95 123 -23%
Notes: (1) To concentrate.
(2) For information only; not considered as gold produced and
therefore not reflected in the table representing total production.
Included in total production after Dore production at the Amursk
POX.
Mining at the largest high-grade Anfisa open pit has been
completed at Albazino. Depletion of Anfisa is the main driver
behind the planned production decline at the mine this year.
Volume of Albazino concentrate processed at Amursk POX decreased
due to the long maintenance shutdown.
Waste and ore mining volumes in H1 were higher, driven by Farida
pit (Albazino) and Kutyn development. Underground development
advanced due to ramping-up of Ekaterina and Anfisa underground
mines.
At Kutyn, ore crushing commenced. The project completion rate
reached 90%. Start-up is scheduled for Q3 2022.
AMURSK POX
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
Concentrate processed, Kt 33 50 -34% 91 110 -17%
Albazino 23 33 -30% 66 77 -14%
Kyzyl 7 13 -47% 21 25 -18%
Nezhda 2 - NA 3 - NA
Mayskoye - 2 -100% 0 3 -92%
Veduga - - NA - 4 -100%
Other1 1 1 +10% 1 1 +10%
Gold recovery 94.8% 93.0% +2% 95.2% 94.0% +1%
Average gold grade, g/t 59.1 69.8 -15% 62.8 69.7 -10%
Average sulphur grade 16.3% 14.1% +16% 14.5% 13.8% +6%
Total gold produced2, Koz 64 103 -39% 184 224 -18%
Albazino 39 45 -14% 95 112 -16%
Kyzyl 25 53 -54% 87 96 -10%
Mayskoye - 4 -100% 2 5 -70%
Nezhda - - NA 1 - NA
Veduga - - NA - 9 -100%
Other1 0 1 -93% 0 1 -89%
Notes: (1) Purchased concentrates which are included in
reportable production in the Albazino segment.
(2) For information only. Already accounted for in production at
operating mines.
POX production was down y-o-y due to the long maintenance
shutdown (40 days) for the scheduled relining of the autoclave.
OMOLON
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 2.2 1.3 +79% 4.0 1.6 +157%
Underground development, Km 2.8 3.0 -5% 5.9 5.7 +4%
Ore mined, Kt 110 113 -2% 214 186 +15%
Open-pit - 34 -100% - 34 -100%
Underground 110 78 +40% 214 151 +42%
PROCESSING
Kubaka Mill
Ore processed, Kt 213 217 -2% 426 429 -1%
Grade
Gold, g/t 6.3 6.5 -3% 6.0 6.7 -10%
Silver, g/t 21 64 -67% 23 44 -48%
Recovery1
Gold 94.3% 95.0% -1% 93.6% 93.9% -0%
Silver 76.6% 81.0% -5% 76.2% 79.5% -4%
Gold production, Koz 40 43 -8% 76 88 -13%
Silver production, Moz 0.1 0.3 -66% 0.2 0.5 -48%
Birkachan Heap Leach
Ore stacked, Kt 151 308 -51% 151 353 -57%
Gold grade, g/t 1.0 1.3 -18% 1.0 1.2 -16%
Gold production, Koz 4 4 -2% 5 4 +18%
TOTAL PRODUCTION
Gold, Koz 43 47 -8% 82 93 -12%
Silver, Moz 0.1 0.3 -64% 0.2 0.5 -47%
Note: (1) Technological recovery, includes gold and silver
within work-in-progress inventory.
At Omolon, Kubaka mill recorded a planned decline in gold grade
and production. In 2022, the plant processes lower-grade silver
ore, Merrill-Crowe circuit remains idle, hence silver production is
also down.
At the heap leach facility, Q2 stacking volumes decreased due to
rehandling of the previously stacked ore. Grade was lower according
to the mine plan - depletion of the Birckachan heap leach ore
reserves.
Underground development commenced at Burgali underground, first
ore is expected to be delivered in H2 2023. Open-pit ore mining at
the deposit will recommence in Q3 2022, currently stripping is in
progress.
The 2.5 MWh solar power plant reached planned capacity and now
generates 20% of the required electricity for Kubaka mill.
NEZHDA
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 5.1 5.6 -10% 10.0 11.0 -9%
Ore mined, Kt 720 365 +98% 1324 710 +86%
PROCESSING
Ore processed, Kt 491 - NA 976 - NA
Grade
Gold, g/t 3.6 - NA 3.6 - NA
Silver, g/t 40.8 - NA 35.7 - NA
Recovery1
Gold 72.2% - NA 72.7% - NA
Silver 77.8% - NA 76.5% - NA
Gold in concentrate, Koz 41 - NA 83 - NA
Silver in concentrate, Moz 0.5 - NA 0.9 - NA
Concentrate shipped, Kt 6 - NA 7 - NA
Payable gold in concentrate, Koz 27 - NA 52 - NA
Amursk POX
Concentrate processed, Kt 2 - NA 3 - NA
Gold grade, g/t 40.7 - NA 40.2 - NA
Gold recovery 90.3% - NA 89.5% - NA
Gold produced, Koz - - NA 1 - NA
TOTAL PRODUCTION1
Gold, Koz 27 - NA 53 - NA
Silver, Moz 0.3 - NA 0.6 - NA
Notes: (1) Includes concentrate produced and stockpiled for
future sale, and excludes low-grade material. Expected 90% gold
payable ratio is applied.
At Nezhda, the majority of the production volume came from the
payable gold in concentrate. Amursk POX continued to process trial
batches of concentrate to study its technological parameters before
processing at the future POX-2 plant.
The 110-kV line linking Nezhda mine to the regional grid,
powered by the combination of hydro and gas, has been successfully
commissioned. Previously operating diesel-powered gensets have been
transferred to stand-by emergency mode. SVETLOYE
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 1.5 1.1 +41% 3.2 1.8 +80%
Ore mined (open pit), Kt 638 536 +19% 1,007 926 +9%
PROCESSING
Ore stacked, Kt 356 366 -3% 668 648 +3%
Gold grade, g/t 2.2 2.8 -23% 2.0 3.7 -45%
Gold recovery 80.8% 80.8% - 80.8% 81.5% -1%
Gold production, Koz 24 26 -8% 43 53 -19%
TOTAL PRODUCTION
Gold, Koz 24 26 -8% 43 53 -19%
H1 gold production contracted y-o-y on the back of stacking of
stockpiled lower-grade ore from the depleted Lyudmila main pit.
However, q-o-q grade dynamics has normalized after a sharp decline
in Q1.
Ore mining advanced after the Company increased the velocity of
mining decline in the open pit by addition of the reserve excavator
and engaging with a mining contractor.
VORO
3 months ended June 30, 6 months ended June 30,
% change % change
2022 2021 2022 2021
MINING
Waste mined, Mt 3.1 3.0 +3% 6.5 3.6 +80%
Ore mined, Kt 105 57 +83% 180 62 +191%
PROCESSING
CIP
Ore processed, Kt 254 262 -3% 500 522 -4%
Gold grade, g/t 2.3 1.9 +23% 2.2 2.0 +9%
Gold recovery1 84.6% 84.6% -0% 85.1% 84.2% +1%
Gold production, Koz 17 16 +3% 35 36 -3%
Heap Leach
Ore stacked, Kt - - NA - - NA
Gold grade, g/t - - NA - NA
Gold production, Koz 0.9 1.7 -48% 1.5 3.7 -59%
TOTAL PRODUCTION
Gold, Koz 19 18 +3% 38 40 -5%
Note: (1) Technological recovery, includes gold within
work-in-progress inventory.
At Voro, quarterly production saw a y-o-y increase driven by
higher volumes of third-party high-grade material in the feed.
Voro flotation plant construction is 80% complete. Start-up is
targeted for Q1 2023.
MAYSKOYE
3 months ended June 30, 6 months ended June
% change 30, % change
2022 2021 2022 2021
MINING
Waste mined, Mt 1.0 1.0 -2% 2.0 2.0 +3%
Underground development, km 5.3 4.7 +12% 10.0 9.8 +2%
Ore mined, Kt 234 197 +19% 429 388 +11%
Open-pit 42 38 +8% 54 51 +6%
Underground 192 158 +21% 375 336 +11%
PROCESSING
Ore processed, Kt 229 218 +5% 459 435 +6%
Gold grade, g/t 5.5 5.7 -4% 5.6 6.0 -7%
Gold recovery1 91.8% 92.0% -0% 91.3% 92.3% -1%
Gold in concentrate, Koz2 37 37 +1% 75 77 -3%
Amursk POX
Gold produced in dore from concentrate (POX), Koz - 4.2 -100% 1.6 5.2 -70%
Gold produced in dore from carbon, Koz3 1.3 - NA 2.5 4.9 -49%
TOTAL PRODUCTION
Gold, Koz 1 4 -68% 4 10 -60%
Notes: (1) To concentrate.
(2) For information only; not considered as gold produced and
therefore not reflected in the table representing total production.
Included in total production upon sale to off-taker or dore
production at Amursk POX.
(3) Gold produced from carbon at Amursk POX.
At Mayskoye, Q2 gold in concentrate production was broadly
stable y-o-y.
An underground ore conveyor was successfully commissioned and
entered the ram-up period. The USUSD 30 million project is expected
to cut costs (AISC by up to USUSD 150/oz) and reduce GHG emissions.
Importantly, it frees up the substantial fleet of underground
trucks that can be used to support other mines in the absence of
sanctions-related fleet replacement.
POX-2
At POX-2, installation of concentrates pulp blending vessels,
intensive cyanidation reactor and slurry cooling section was
complete. Thickener installation continues. The plant start-up is
expected Q2 2024 according to the revised schedule.
SUSTAINABILITY, HEALTH AND SAFETY
There were no fatal accidents among Polymetal's employees and
contractors during the first half of the year (consistent with H1
2021). Lost time injury frequency rate (LTIFR) among the Group's
employees decreased by 40% y-o-y to 0.08 for the quarter (0.10 in
Q2 2021) and by 53% to 0.08 in H1 (0.17 in H1 2021). In Q2 2022,
two incidents resulting in lost-time injuries occurred among
Polymetal employees and five among contractors' workers, all of the
injuries were classified as minor. The incidents were followed by
proper investigations aimed at improving safety of workplaces.
Following the latest review by Vigeo Eiris, a global leader in
ESG assessments, data, research and analytics, Polymetal's ESG
overall score has been updated to 67/100 (69/100 in 2021),
corresponding to the Advanced level of performance and placing
Polymetal on the 2nd place among 41 industry peers.
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ISIN: JE00B6T5S470
Category Code: UPD
TIDM: POLY
LEI Code: 213800JKJ5HJWYS4GR61
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 176115
EQS News ID: 1402539
End of Announcement EQS News Service
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