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Polymetal warns on 'geopolitical tensions'

Polymetal, the St Petersburg-based precious metals group, has warned “geopolitical tensions may continue to weigh on our cost of debt funding”, as it unveiled a widening of net losses in 2014 after the rouble plummeted in the wake of the civil war in the Ukraine and sanctions imposed by Washington and Brussels.

However, Polymetal chairman Bobby Godsell said Polymetal’s free cash flow generating capacity and “comfortable” leverage level meant that this was “less of an issue”.