Polymetal International, the newly-listed precious metals producer, saw sales revenue jump 45% in the year ended December 31st helped by 57% growth in the final three months of the year.
However, Polymetal, the fourth-largest gold producer in Russia, admitted that annual gold production was flat at 443Koz in 2011, despite a 14% increase in the fourth quarter. This is expected to increase to 590-640Koz in 2012.
Meanwhile, silver and copper production rose by 15% and 73%, respectively, and these are both also expected to improve this year.
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"We are proud to complete 2011 with a strong finish in the fourth quarter," said Vitaly Nesis, Chief Executive Office of Polymetal.
More to follow...
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