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Russia's precious metals' miner Polymetal ups output by 21% in 2013.

January 22, 2014

Russia's gold and silver producer Polymetal increased its output of precious metals by 21% y/y in 2013 to 1.282mn ounces of gold equivalent. Out of that output of gold went up by 37% y/y to 0.805mn ounces and silver output by 3% y/y to 26.5mn ounces in 2013. The total output outperformed company's own target of 1.2mn ounces for last year. At the same time the revenues in 2013 declined by 8% y/y to USD 1.72bn . In 2014 and 2015 Polymetal plans to produce 1.3mn ounces and 1.35mn ounces of gold equivalent, respectively, while confirming expectations of further fluctuations of gold prices. Company's net debt as of end of Q4/14 declined by USD 138mn to USD 1.405bn . Polymetal increased its precious metals output in 2012 by 33% to 1.063mn ounces of gold equivalent, reaching the planned target. Company, controlled by Czech PPF Group and Russian businessmen Alexander Nesis and Alexander Mamut , increased its net profit for 2012 by 39% y/y to USD 401mn . This was below the USD 435mn expected by the analysts surveyed by Reuters. Company's revenues in 2012 increased by 40% y/y to USD 1.854bn , EBITDA went up by 47% y/y to USD 918mn .

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Source: IntelliNews - Weekly Reports

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