Polymetal expects writedowns

Russian precious metals miner Polymetal said yesterday it expects to record a non-cash impairment charge in its first-half financial results due to lower commodity prices. The firm said weak gold and silver prices could lead to charges of up to $340m (£221m). Polymetal also said it was expecting to deliver on annual production targets, as gold production rose nine per cent year-on-year to an all-time high of 323,000 ounces. Revenues in the most recent quarter rose by eight per cent to $399m.