Profits at Polymetal rise sharply
- Publishing Date
- 23 Dec 2008 2:11pm GMT
- Author
Russia's top silver miner, Polymetal, posted a first-half to June net profit of US$43.1 million against a loss of US$7.7 million a year earlier as output and metals prices both rose.
The mining company, which gave no updates on its performance since mid-year or guidance for 2009, last week maintained its 2008 production forecast for gold and silver at 8.5t and around 530t, respectively.
It said that the average realised gold price rose by 38% in the first half to US$914/oz, and the average realised silver price by 90% to US$17.1/oz after sales at below-market prices under forward contracts were discontinued.
Earnings before interest, taxation, amortisation and depreciation (EBITDA) more than trebled to US$121.2 million, Polymetal said. Revenue rose by 86% to US$258.8 million.
Net profit was boosted by a US$8.4 million one-off gain linked to the revaluation of its recently acquired Kubaka deposit.
Polymetal shares added around 5.2% by 0916 GMT, outperforming a broadly flat performance on Russia's MICEX stock index.
More News By Subject
Site Search
Log in
-
Features
-
Editor's Comment
Geologists- Senior and Junior Positions
Gryphon Minerals is aggressively growing its world class Banfora Gold Project in Burkina Faso, West Africa.
Mining and Metals Opportunities - Hatch
Mining and Metals Opportunities in London and Globally: Senior and junior roles.
Minerals Geoscientist Vacancy - Neftex
Do you want to help develop the world’s most detailed commercially-available 4D Earth Model to support the mining majors?
Opportunities for Senior & Principal Level Consultants - SRK
Professionals needed for central Moscow office.
Senior Hydrogeologist - Schlumberger
We need you in Australia or Canada
Mining Journal is looking to employ a full-time member of staff in British Columbia
Comments