Polymetal eyes strong 2012
Russian mining giant Polymetal said it was on track to hit ambitious targets this year after significant increases in gold and silver production in the first quarter.
Russian mining giant Polymetal said it was on track to hit ambitious targets this year after significant increases in gold and silver production in the first quarter.
Gold equivalent production grew 41 per cent year-on-year to 203 thousand ounces (Koz) on the back of strong improvements at its Omolon processing hub and Dukat deposit.
An additional 32 Koz of payable gold was contained within concentrate produced at its Albazino site during the period, it added.
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
In the first three months of 2012 the firm said gold production had increased 24% compared to the year before to 101 Koz, while silver production jumped 74% to 5.7 million ounces (Moz).
The company said it was "well on track" to deliver on gold equivalent production guidance of 1 Moz.
"The first quarter results, including successful start-up of production at the Amursk POX plant, achievement of design recoveries at Albazino, and smooth operation of winter road at Omolon, give us further confidence in achieving our ambitious 2012 targets," said Chief Executive Vitaly Nesis.
"The effect of these achievements will be fully visible through meaningful production growth in the second quarter," he added.
"Further during the year, we will be focusing on timely ramp-up of the POX plant, and the start-up of Mayskoye concentrator."
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Michelin Key Hotels 2025: the top destinations in the world
The Michelin Keys have been awarded to spectacular hotels across the world. From Marlon Brando's private resort in Polynesia to a Bvlgari hotel in Tokyo, we look at some of the most extraordinary stays in 2025
-
MoneyWeek news quiz: How much could you get in car finance compensation?
The car finance scandal, inheritance tax, and house prices all made headlines over the past few days. Test your knowledge while reviewing this week’s top stories with MoneyWeek’s news quiz