Russian miner Polymetal is on track to deliver 1m ounces of gold equivalent production in 2012 it said, as it announced sharp increases in revenue and earnings.
Revenue in 2012 rose 43% to $1,326m in 2012 from $925m in 2011, as production rose by 8% to 810,000 ounces of gold equivalent from 753,000 ounces in 2011. As well as gold, Polymetal produces silver and copper.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 47% to $624m from $425m the year before, while pre-tax profit was up by a third to $409m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The average realised price for gold sold in 2012 was $1,556 an once, up 26% from $1,232 an ounce in 2011.
The directors propose to pay a dividend of $0.20 per share, and from 2012 the company intends to pay a dividend of 20% of net earnings provided that net debt to adjusted EBITDA ratio is below 1.75.
JH
-
Chinese stocks slump on first trading day of 2025Chinese stocks suffered in the new year from their worst first day of trading since 2016, despite a state stimulus package
-
Is now a good time to buy UK housebuilders?Recent share price falls could make UK housebuilder stocks undervalued, though there is a great deal of market uncertainty to contend with
