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JSC Polymetal announces its production results for the quarter and six months ended June 30, 2011.
Highlights: • Second quarter operating performance demonstrated marked improvement over the first quarter as grades picked up at some of the operations and the benefit of recent expansion projects began to be felt • Quarterly gold production declined 6% year-on-year but increased 25% quarter-on-quarter – the latter was mostly driven by strong performance at Varvarinskoye and growth at Omolon • Silver production increased 6% year-on-year and 54% quarter-on-quarter as Dukat largely overcame throughput and recovery issues at the Omsukchan concentrator due to successful commissioning of the gravity circuit • The flotation concentrator at Albazino was successfully launched in April with Omolon and Mayskoye projects advancing according to schedule • The Company maintains its 2011 production guidance at 470-500 Koz of gold, 18-19 Moz of silver, and 6.0-7.0 Kt of copper, or 800-850 Koz of gold equivalent (based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios) “We are satisfied with Polymetal's operational progress in the quarter, particularly at Dukat and Albazino,” said Vitaly Nesis, CEO of Polymetal. “In the second half of 2011 management's attention will remain fully focused on delivering further production growth and advancing the key projects”. More information, click here. |
