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.
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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.