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    POLY   JE00B6T5S470

POLYMETAL INTERNATIONAL PLC

(POLY)
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Delayed London Stock Exchange  -  11:35 2022-06-28 am EDT
194.80 GBX   -0.10%
06/24Polymetal International announces the appointment of a new auditor
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06/23Polymetal Says Russia, Kazakhstan Operations Normal, Reiterates FY22 Output Guidance
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06/23POLYMETAL : Business update
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Gold miner Polymetal delays projects amid sanctions pressure on Russia

04/25/2022 | 02:30am EDT

* Polymetal Q1 revenue up 4% y/y to $616 mln

* Q1 production down by 6% to 372,000 oz

* Polymetal on track to produce 1.7 mln oz in 2022

* Costs guidance up due to inflation, logistics costs

April 25 (Reuters) - Polymetal has decided to postpone several projects amid Western sanctions on Russia after the gold and silver miner reported a 4% year-on-year increase in first-quarter revenue to $616 million due to higher gold prices.

The Western sanctions imposed on Moscow after it sent its troops to Ukraine on Feb. 24 put "tremendous pressure" on Polymetal in the first quarter, the London-listed company said. It has not been directly targeted by the sanctions.

"The Board and management continue to actively explore options to adjust company asset ownership structure to preserve shareholder value and address the needs of other stakeholders," Vitaly Nesis, Polymetal's CEO said in a statement.

Polymetal, Russia's second largest gold producer after Polyus, said it had rationalised its investment plans, with the result that its POX-2 project, a processing plant in Russia, will face a six-month delay due to supply chain challenges and is now expected to start production in the second quarter of 2024.

The company also suspended its Pacific POX project and is currently evaluating options to re-site this processing facility in Kazakhstan. The start of construction at its Veduga gold deposit was delayed by 12-18 months.

Polymetal, which has postponed a decision on a 2021 final dividend until August, said 2022 capital expenditure was currently expected at $650 million amid shrinking scope for investment scope and inflationary pressures.

Polymetal raised its total cash cost guidance to $850-950 per ounce from the previous range of $850-900, due to inflation in Russia and escalation of logistical costs.

Its guidance for production of gold equivalent - a mix of gold and other metals - now stands at 1.65 million ounces in 2023, 1.7 million ounces both in 2024 and in 2025 and 1.8 million ounces in 2026.

Polymetal's production of gold equivalent fell by 6% to 372,000 troy ounces in the first quarter, the company said, adding that it was on track to produce 1.7 million ounces in 2022.

The company's shares were up around 5%. (Reporting by Reuters, Editing by Louise Heavens and Jane Merriman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.27% 1818.46 Delayed Quote.-0.17%
POLYMETAL INTERNATIONAL PLC -0.10% 194.8 Delayed Quote.-84.75%
PUBLIC JOINT STOCK COMPANY POLYUS -1.29% 9101 End-of-day quote.-30.39%
SILVER -1.61% 20.8182 Delayed Quote.-9.36%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.19% 53 Delayed Quote.-28.47%
All news about POLYMETAL INTERNATIONAL PLC
06/24Polymetal International announces the appointment of a new auditor
AQ
06/23Polymetal Says Russia, Kazakhstan Operations Normal, Reiterates FY22 Output Guidance
MT
06/23POLYMETAL : Business update
EQ
06/23POLYMETAL : Auditor appointment
EQ
06/23POLYMETAL INTERNATIONAL PLC : Nomination
CO
04/26Polymetal reports solid production results for the first quarter of 2022 and updated pr..
AQ
04/26Polymetal postpones new projects as west ramps up sanctions on Russia
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04/25POLYMETAL : Results of AGM
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04/25TRANSCRIPT : Polymetal International plc - Analyst/Investor Day
CI
04/25Polymetal Delays Investment Plans Amid Pressure From Western Sanctions on Russia
MT
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Financials (USD)
Sales 2022 3 191 M - -
Net income 2022 1 066 M - -
Net Debt 2022 1 384 M - -
P/E ratio 2022 1,15x
Yield 2022 38,8%
Capitalization 1 125 M 1 125 M -
EV / Sales 2022 0,79x
EV / Sales 2023 0,80x
Nbr of Employees 14 281
Free-Float 71,4%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 2,37 $
Average target price 23,30 $
Spread / Average Target 881%
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Managers and Directors
Vitaly Natanovich Nesis Chief Executive Officer
Maxim Nazimok Chief Financial Controller
Riccardo Orcel Chairman
Vitaly Valerevich Savchenko Chief Operating Officer
Giacomo Carlo Baizini Independent Non-Executive Director
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