Polymetal raises its production guidance but revenue declines

Suzie Neuwirth
PRECIOUS metals miner Polymetal International yesterday raised its full-year production forecast, but posted a two per cent decline in first-half revenue.

The FTSE 250-quoted firm said it expected to beat its 2014 gold production target of 1.3m ounces by around five per cent.

Gold output rose 17 per cent to 652,000 ounces in the first half, while silver output went up 11 per cent to 14m ounces over the period.

Revenue fell two per cent year-on-year to $724m (£428m).

“We generate meaningful free cash flow at the current commodity prices and expect this trend to strengthen in the second half of the year,” said boss Vitaly Nesis.