Polymetal revenues jump 45%

published 19 January 2012

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.