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.
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
-
Yoshiaki Murakami: Japan’s original corporate raiderThe originator of Japanese activism, Yoshiaki Murakami, was disgraced by an insider-trading scandal in 2006. Now, he's back, shaking things up
-
Cash in on the growth potential of electrification companiesOpinion Martin Todd, portfolio manager, head of sustainable equities, Federated Hermes, highlights three electrification companies where he'd put his money
