Polymetal Q1 revenues rise on higher gold prices

Russian gold and silver miner Polymetal on Monday reported a rise in first-quarter revenue, driven by higher prices and despite a fall in production.

Revenue for the three months to March 31 increased 4% year on year to $616m.

Production of gold equivalent was down 6% to 372,000 troy ounces. Polymetal said it still expected to produce 1.7 million ounces in 2022.

Total cash cost guidance was raised to $850-$950 per gold equivalent ounce from $850-$900.