Polymetal may raise outlook

City A.M. Reporter
PRECIOUS metals miner Polymetal may raise its 2012 production target to reflect the stronger-than-planned performance of its Russian mines, it said yesterday.

Polymetal, which joined London’s FTSE 100 index last year, said it was firmly on track to deliver on its 2012 production guidance of more than 1m troy ounces of gold equivalent.

Updated guidance for 2012 to 2014 will be released together with third quarter operational results in mid-October. Polymetal, controlled by Russian businessmen Alexander Nesis and Alexander Mamut along with Czech investor PPF, posted $376m in second quarter revenues, up 19 per cent year-on-year.