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Polymetal 2022 output up 2% to 1.712 mln oz of gold equivalent

At the same time, the company’s Q4 net debt decreased by $0.4 bln to around $2.4 bln "on the back of strong positive free cash flows from unwinding of working capital"

MOSCOW, January 25. /TASS/. Polymetal, the largest producer of primary silver and the second largest producer of gold in Russia, increased production by 2% in 2022 to 1.712 mln oz of gold equivalent, the company said in a statement.

Revenue for 2022 decreased by 3% to $2.8 bln amid lower average prices for gold and silver. The company expects Total Cash Costs (TCC) and All-in Sustaining Cash Costs (AISC) to be "within the announced guidance range" of $900-1,000 per oz of gold equivalent and $1,300-1,400 oz of gold equivalent, respectively. CAPEX is estimated within $725-775 mln.

The company also confirmed its 2023 production guidance of 1.7 mln oz of gold equivalent. Sales of gold in the reporting period amounted to 1.38 mln oz, down 1%. At the same time, silver sales increased by 6% to 18.5 mln oz.

The company’s Q4 revenue increased by 30% year-on-year to $1 bln "as the Company sold down metal and concentrate inventory accumulated in the previous quarters. The remaining gap between production and sales is expected to close during the course of H1 2023."

At the same time, the company’s Q4 net debt decreased by $0.4 bln to around $2.4 bln "on the back of strong positive free cash flows from unwinding of working capital."

Gold sales in the reporting period increased by 46% year-on-year to 560,000 oz, while silver sales fell by 29% to 3.5 mln oz.

"Q4 gold equivalent ("GE") output grew by 16% y-o-y to 540 Koz driven by Nezhda contribution and strong grades at Kyzyl," the company said, adding that "First full year of operations at Nezhda and initial production at Kytyn compensated for declining grades at mature assets."

As for the future plans, the company emphasizes that "POX-2 and other developement projects progressed in line with the revised schedules. 2023 will be marked by the launch of Voro flotation plant and start of mining at Prognoz.".

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