|
JSC "Polymetal" announces its production results for the quarter and nine months ended September 30, 2011.
Highlights: • Third quarter operating performance continued the upward trend in production with stronger performance across the Group's assets driven mostly by improvements in throughputs at most of the operations and grades, in particular at Voro and Varvarinskoye • Quarterly gold production increased 6% compared to the three months ended 30 September 2010 and 21% compared to the three months ended 30 June 2011 as a result of production increases at Omolon and Albazino • Quarterly silver production increased 41% year-on-year and 6% quarter-on-quarter with the Omsukchan concentrator operating at design parameters • The first lot of Albazino concentrate has been shipped to an off-taker in China with the intention of reducing the stockpile of concentrate accumulated since the start-up of the concentrator in April 2011, and thus generating immediate cash flows. "The first shipment of concentrate from Albazino and the reaching of the designed capacity at Dukat are the key achievements of this successful quarter," said Vitaly Nesis, CEO of Polymetal. "Production growth momentum is building and we expect to carry it into the fourth quarter and 2012". More information, click here. |
