Polymetal doubles divi as results shine on gold, silver prices

Russian miner Polymetal reported sharply higher interim profits and doubled its dividend, driven by higher gold and silver prices.

The company on Wednesday said adjusted core earnings leapt by 53% to $616m as revenue increased by a fifth to $1.13bn. An interim dividend of 40 cents a share, twice the 20 cents paid a year ago.

Net earnings were $381m, up from $153m, with basic earnings per share of 81 cents a share compared with 33 cents last year.

Polymetal said it was on track to meet 2020 production guidance of 1.5m oz of gold equivalent and maintained a guidance range of $650 - $700/ gold equivalent per ounce as depreciation of the Russian Rouble and Kazakh Tenge was currently counterbalanced by Covid-related costs and increases in mining tax on the back of rising gold and silver prices.