UPDATE 1-Polymetal Production Soars, Reiterates Forecasts-Shanghai Metals Market

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UPDATE 1-Polymetal Production Soars, Reiterates Forecasts

Industry News 05:18:36PM Jul 19, 2010 Source:SMM

MOSCOW, July 19 (Reuters) - Russian precious metals miner Polymetal (PMTL.MM) reiterated its production forecasts for 2010 after seeing gold and silver production rise in the second quarter.

The company said on Monday its gold production rose 61 percent year-on-year during the three months to end June, partly due to new contributions from the Varvarinskoye mine, while silver production rose 13 percent.

"In the second quarter of 2010 we saw sustained and stable production growth across our operations," Chief Executive Vitaly Nesis said in a statement.

The boost helped the company's second-quarter revenue soar to $249 million from just $109 million the previous year. The first-half figure rose 93 percent to $424 million.

Polymetal's production targets for the full year remain for 430 to 450 Koz of gold, 19 to 20 Moz of silver and 4.0 to 5.0 Kt of copper.

 

UPDATE 1-Polymetal Production Soars, Reiterates Forecasts

Industry News 05:18:36PM Jul 19, 2010 Source:SMM

MOSCOW, July 19 (Reuters) - Russian precious metals miner Polymetal (PMTL.MM) reiterated its production forecasts for 2010 after seeing gold and silver production rise in the second quarter.

The company said on Monday its gold production rose 61 percent year-on-year during the three months to end June, partly due to new contributions from the Varvarinskoye mine, while silver production rose 13 percent.

"In the second quarter of 2010 we saw sustained and stable production growth across our operations," Chief Executive Vitaly Nesis said in a statement.

The boost helped the company's second-quarter revenue soar to $249 million from just $109 million the previous year. The first-half figure rose 93 percent to $424 million.

Polymetal's production targets for the full year remain for 430 to 450 Koz of gold, 19 to 20 Moz of silver and 4.0 to 5.0 Kt of copper.