Record output drives revenue at Russia`s Polymetal up 11% in Q4

According to Mining News Pro - Part-owned by businessman Alexander Nesis, launched the Kyzyl mine in Kazakhstan in 2018 and shortly after began construction at its new Nezhda gold mine in Siberia, which will contribute to its dividends in 2022.

"Open-pit mining and construction have commenced at Nezhda," Polymetal said in a statement. The first production is expected at the mine in the last quarter of 2021.

Polymetal said its total fourth quarter revenue was $652-million.

The company said that there would be no special dividend for 2018 as its free cash flow would be fully distributed to shareholders through the regular dividend at a payout ratio amounting to a half of underlying net income. Its board of directors will recommend the final dividend for 2018 in March.

Polymetal also said that its production of gold equivalent (GE), which is a mix of gold and other metals, rose by 23% in the fourth quarter from a year earlier to a record 497 000 troy ounces.

It reiterated its previous production guidance of 1.55-million ounces and 1.6-million ounces of GE for 2019 and 2020, respectively. Total cash costs are expected in the range of $600-650 per ounce of GE in 2019 with capital expenditures at $380-million.