Polymetal sees pre-tax profits up over 50 per cent

(Source: Reuters)

Polymetal, the precious metals mining company, has posted preliminary results for the year ended 31 December (results). The firm saw profit before tax up 51 per cent to $617m.

Chairman Bobby Godsell commented on the results:

We have consistently demonstrated strong operational performance throughout the year, with total gold equivalent production 31% up on 2011 and six per cent ahead of original expectations. This excellent result was driven in particular by solid performance at our mature mines, robust performance at Dukat and successful ramp-ups at Omolon and Albazino.

While the completion of major projects and significant resource expansion have both contributed significantly to our success during the year and helped to develop a distinctive competitive profile for Polymetal, we have also made progress against wider strategic objectives. Throughout the year, we have announced several resource increases, the most important being the two-fold resource expansion at Albazino as a result of our ongoing exploration efforts. In December we announced the completion of the acquisition of the Olcha gold-silver deposit and a greenfield PGM project, the first platinum asset of Polymetal.