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Polymetal: Q2 2021 production results -2-

DJ Polymetal: Q2 2021 production results

Polymetal International plc (POLY) 
Polymetal: Q2 2021 production results 
27-Jul-2021 / 09:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
 
 
Release time IMMEDIATE                             LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date     27 July 2021 Polymetal International plc Q2 2021 production results 

Polymetal reports solid production results for the second quarter and the six months ended June 30, 2021.

"In Q2, Polymetal delivered steady results. All producing mines made budget targets while mechanical completion and start of commissioning at Nezhda represented a key development milestone", said Vitaly Nesis, Group CEO of Polymetal.

HIGHLIGHTS - There were no fatal accidents during the first half of the year (consistent with H1 2020) among Polymetal's

workforce and the Company's contractors. Unfortunately, on July 18 a drilling contractor lost his life at the Saum

open-pit mine, part of Voro operations. We send our condolences to the family and friends of our colleague. - The Company's Q2 gold equivalent ("GE") production decreased by 6% y-o-y to 339 Koz due to the planned grade

declines at Kyzyl and Albazino. GE output for H1 was 714 Koz, a 1% decrease y-o-y. - Russia and Kazakhstan have entered the third wave of the COVID pandemic with record numbers of infections and

deaths from the virus. At Polymetal, the epidemiological situation remains well controlled with less than fifty

presently active cases, none at operating sites. COVID-related transportation restrictions have led to a material

increase of Kyzyl concentrate in storage and transit to China and prompted the management to accelerate seasonal

summer purchasing campaign across the portfolio. These factors drove a significant increase in working capital

levels, which should normalise by the year-end. - Revenue for the quarter was up 6% y-o-y and reached USUSD 681 million on the back of higher metal prices. H1 revenue

increased by 12% y-o-y to USUSD 1,274 million. Net debt increased by USUSD 0.5 billion for the quarter to USUSD 1.83

billion due to record final dividend payment of USUSD 0.4 billion and working capital build-up. - Construction and development activities at Nezhda and POX-2 projects progressed on schedule amid continued

tightness in the construction contractor market and COVID-related cross-border travel restrictions. Nezhda achieved

mechanical completion of the key equipment. The project is on track to produce first concentrate in early November

in line with the schedule. - Following the latest review by Vigeo Eris, a global leader in ESG assessments, data, research and analytics,

Polymetal's ESG overall score improved to 69 (out of 100), corresponding to the Advanced level of performance and

placing Polymetal on the 2nd place among 43 industry peers[1]. - Polymetal confirms its 2021 production guidance of 1.5 Moz of GE and maintains the full-year cost guidance of USUSD

700-750/GE oz for TCC and USUSD 925-975/GE oz for AISC. The cost guidance remains contingent on the Russian rouble

and Kazakh tenge exchange rate dynamics. The Company notes the continuous macro and COVID-related pressures

affecting its capital expenditures. The Company continues to prioritize timely project execution and to incur

additional costs to avoid project schedule slippage. -

OPERATING HIGHLIGHTS

3 months ended June 30,          6 months ended June 30, 
                             % change1                 % change1 
                 2021    2020              2021    2020 
 
Waste mined, Mt          52.5    39.2    +34%        98.0    79.1    +24% 
Underground development, km    23.3    23.2    +0%        46.3    46.4    -0% 
Ore mined, Mt           3.8     4.1     -8%        7.5     8.0     -6% 
Open-pit             2.8     3.0     -7%        5.6     5.9     -6% 
Underground            0.9     1.0     -9%        1.9     2.0     -5% 
Ore processed, Mt         4.0     4.3     -7%        7.6     7.8     -3% 
Average GE grade processed, g/t  3.5     3.8     -9%        3.6     4.0     -9% 
Production 
Gold, Koz             299     318     -6%        635     642     -1% 
Silver, Moz            4.8     4.9     -1%        9.4     9.8     -4% 
Gold equivalent, Koz2       339     358     -6%        714     723     -1% 
Sales 
Gold, Koz             315     324     -3%        595     595     +0% 
Silver, Moz            4.3     5.2     -18%        8.0     9.9     -19% 
Revenue, USUSDm3          681     641     +6%        1,274    1,135    +12% 
Net debt, USUSDm4          1,827    1,321    +38%        1,827    1,351    +35% 
 
LTIFR5              0.10    0.08    +25%        0.17    0.07    +143% 
Fatalities            0      0      NA         0      0      NA 
Notes: (1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise, 
% changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all tables in 
this release. 
 (2) Based on 120:1 Au/Ag conversion ratio and excluding base metals. Comparative data for 2020 restated accordingly. 
(3) Calculated based on the unaudited consolidated management accounts. 
(4) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 31 
March 2021 (for the three months period) and 31 December 2020 (for the six months period). 
(5) LTIFR = lost time injury frequency rate per 200,000 hours worked. 

PRODUCTION BY MINE

3 months ended June 30, %   6 months ended June 30, % 
        2021    2020    change 2021    2020    change 
 
GOLD EQ. (KOZ)1 
Kyzyl      93     104     -10%  182     213     -14% 
Varvara     51     41     +23%  110     84     +31% 
Dukat      50     52     -3%  98     104     -5% 
Omolon     50     46     +9%  96     88     +10% 
Albazino    46     62     -26%  123     140     -12% 
Svetloye    26     31     -15%  53     52     +2% 
Voro      18     22     -17%  40     42     -5% 
Mayskoye    4      1      NM   10     1      NM 
TOTAL      339     358     -6%  714     723     -1% 

Notes: (1) Based on 120:1 Au/Ag conversion ratio and excluding base metals. Comparative data for 2020 restated accordingly.

CONFERENCE CALL AND WEBCAST

The Company will hold a conference call and webcast on Tuesday, 27 July 2021 at 12:00 London time (14:00 Moscow time).

To participate in the call, please dial:

From the UK:

+44 203 984 9844 (local access)

+44 800 011 9129 (toll free)

From the US:

+1 718 866 4614 (local access)

+1 888 686 3653 (toll free)

From Russia:

+7 495 283 9858 (local access)

To participate from other countries, please dial any of the local access numbers listed above.

Conference code: 785872

To participate in the webcast follow the link: https://mm.closir.com/slides?id=785872.

Please be prepared to introduce yourself to the moderator or register.

A recording of the call will be available at the same numbers and webcast link listed above within an hour after the call and until 3 August 2021.

About Polymetal

Polymetal International plc (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.

Enquiries

Media                          Investor Relations 
                            Polymetal     ir@polymetalinternational.com 
FTI Consulting 
                            Evgeny Monakhov  +44 20 7887 1475 (UK) 
Leonid Fink              +44 20 3727 1000 
                            Timofey Kulakov 
Viktor Pomichal 
                            Kirill Kuznetsov  +7 812 334 3666 (Russia) 
Joint Corporate Brokers 
Morgan Stanley & Co. International plc +44 20 7425 8000 
Andrew Foster 
                            RBC Europe Limited 
Richard Brown 
                            Marcus Jackson   +44 20 7653 4000 
 
Panmure Gordon                     Jamil Miah 
 
John Prior 
                    +44 20 7886 2500 
Rupert Dearden 

Forward-looking statements

(MORE TO FOLLOW) Dow Jones Newswires

July 27, 2021 02:00 ET (06:00 GMT)

DJ Polymetal: Q2 2021 production results -2-

This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

KYZYL

3 months ended June 30,     6 months ended June 30, 
                          % change             % change 
              2021    2020         2021    2020 
MINING 
Waste mined, Mt       20.6    18.8    +10%   40.9    38.0    +7% 
Ore mined (open-pit), Kt  542     518     +5%   1,098    1,041    +5% 
 
PROCESSING 
Ore processed, Kt      569     481     +18%   1,133    1,006    +13% 
Gold grade, g/t       6.5     8.5     -24%   6.2     8.3     -25% 
Gold recovery        89.9%    87.2%    +3%   89.4%    87.2%    +2% 
Concentrate produced, Kt  34.2    37.3    -8%   69.3    73.0    -5% 
Concentrate gold grade, g/t 97.0    97.4    -0%   90.9    99.3    -8% 
Gold in concentrate, Koz1  107     117     -9%   202     233     -13% 
 
Concentrate shipped, Kt   21.4    26.4    -19%   48.4    47.3    +2% 
Payable gold shipped, Koz  40     51     -21%   86     92     -6% 
 
Amursk POX 
Concentrate processed, Kt  13     13     +1%   25     29     -13% 
Gold grade, g/t       130.8    149.2    -12%   133.9    141.8    -6% 
Gold recovery        90.2%    91.8%    -2%   91.3%    91.8%    -1% 
Gold produced, Koz     53     54     -0%   96     121     -20% 
 
TOTAL PRODUCTION 
Gold, Koz          93     104     -10%   182     213     -14% 

Note: (1) For information only; not considered as gold produced and therefore not reflected in the table representing total production. It will be included in total production upon shipment to off-taker or dore production at Amursk POX.

(2) To be further processed at Amursk POX.

In Q2, the Kyzyl concentrator set a quarterly throughput record (second in a row) and also achieved the record recovery following full commissioning of the expanded dewatering section. Grade processed, as expected, declined y-o-y towards the open-pit reserve average. The planned grade decline will continue to impact production at Kyzyl throughout 2021 and will be only partially offset by higher throughput and improved recoveries.

A 10% increase in open-pit rock moved was achieved without new equipment thanks to productivity improvements driven by reduction in truck and excavator downtime.

Delivery of Kyzyl concentrate to ?hina was disrupted given the anti-COVID precautionary measures at seaports and railway crossings which have resulted in substantial rail car and ship deficit as well as lengthening round-trip times. Polymetal is switching from bulk (boxcar) to container shipping to accelerate cycle times and expects the sales/ production gap to close by year-end. ALBAZINO

3 months ended June 30,     6 months ended June 30, 
                          % change             % change 
              2021    2020         2021    2020 
MINING 
Waste mined, Mt       5.6     5.1     +10%   10.7    9.9     +8% 
Underground development, km 3.9     3.1     +24%   7.1     6.2     +15% 
Ore mined, Kt        455     464     -2%   949     981     -3% 
Open-pit          268     295     -9%   576     655     -12% 
Underground         187     169     +11%   373     325     +15% 
 
PROCESSING 
Albazino concentrator 
Ore processed, Kt      444     446     -0%   871     891     -2% 
Gold grade, g/t       4.0     4.8     -16%   4.1     4.6     -11% 
Gold recovery1       88.4%    86.5%    +2%   88.6%    86.0%    +3% 
Concentrate produced, Kt  33.7    36.8    -8%   66.5    72.7    -9% 
Concentrate gold grade, g/t 46.7    50.0    -7%   48.1    49.1    -2% 
Gold in concentrate, Koz2  51     59     -14%   103     115     -10% 
 
Amursk POX 
Concentrate processed, Kt  34     40     -15%   82     86     -4% 
Gold grade, g/t       47.1    51.6    -9%   50.4    52.6    -4% 
Gold recovery        96.3%    96.5%    -0%   96.4%    96.5%    -0% 
Gold produced, Koz     46     62     -26%   123     139     -12% 
 
TOTAL PRODUCTION 
Gold, Koz          46     62     -26%   123     139     -12% 

Notes: (1) To concentrate.

(2) For information only; not considered as gold produced and therefore not reflected in the table representing total production. Included in total production after Dore production at the Amursk POX.

In H1, Albazino recorded a 12% decrease in production as the Anfisa high-grade open pit is nearing full depletion. The ramp-up of stoping at the Ekaterina-2 underground mine only partially compensates for this development. The new open pit, Farida, with lower grades, drove a 10% increase in waste volumes.

Recovery at the concentrator improved by 2 p.p. and 3 p.p. in Q2 and H1 2021 respectively as feedstock mix shifted to ores from deeper underground levels.

Construction at the Kutyn heap leach project is in full swing with final construction permits in place and contractors fully mobilized on site.

MAYSKOYE

3 months ended June 30,     6 months ended June 30, 
                                     % change             % change 
                         2021    2020         2021    2020 
MINING 
Waste mined, Mt                  1.0     0.6     +63%   2.0     1.7     +16% 
Underground development, km            4.7     5.5     -14%   9.8     11.0    -11% 
Ore mined, Kt                   197     306     -36%   388     567     -32% 
Open-pit                     38     108     -64%   51     186     -73% 
Underground                    158     197     -20%   336     380     -12% 
 
PROCESSING 
Ore processed, Kt                 218     230     -5%   435     458     -5% 
Gold grade, g/t                  5.7     6.7     -15%   6.0     6.2     -4% 
Gold recovery                   92.0%    84.4%    +9%   92.3%    87.5%    +5% 
Gold in concentrate, Koz2             37     37     -1%   77     76     +2% 
 
Gold produced in dore from concentrate (POX), Koz 4      -      NM    5      -      NM 
Gold produced in dore from carbon, Koz3      -      1      NM    5      1      NM 
 
TOTAL PRODUCTION 
Gold, Koz                     4      1      NM    10     1      NM 

Notes: (1) To concentrate.

(2) For information only; not considered as gold produced and therefore not reflected in the table representing total production. Included in total production upon sale to off-taker or dore production at Amursk POX.

(3) Gold produced from carbon at Amursk POX.

At Mayskoye, in Q2 2021 the plant only processed sulphide ore while in Q2 2020 oxidised material from the open pit was also part of the feed. Thus, the grades and recoveries are not comparable y-o-y. The Company started processing oxidised ore in July 2021.

Underground mine electrification project is running on schedule. Conveyor installation has commenced with first ore deliveries to the surface expected in Q2 2022.

(MORE TO FOLLOW) Dow Jones Newswires

July 27, 2021 02:00 ET (06:00 GMT)

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