MOSCOW, May 10. /TASS/. Polymetal reduced production by 5% in the Q1 of 2023 to 345,000 ounces of gold equivalent, the company said on Wednesday.

Polymetal's revenue for January-March 2023 increased by 19% to $733 mln due to the stabilization of distribution channels and the reduction of inventories amid high gold prices.

"Q1 gold equivalent ("GE") production decreased by 5% y-o-y to 345 Koz. Increases at Nezhda and Albazino (Kutyn) were offset by grade-driven production slump at Dukat as well as the build-up of concentrate inventory at Kyzyl and Varvara," the company said.

The company's quarterly production was in line with the expectations, with Polymetal confirming 2023 production guidance at 1.7 mln ounces in gold equivalent.

Polymetal's gold sales increased by 19% to 318,000 ounces in Q1, whilw silver sales increased by 48% to 6.4 mln ounces.

Polymetal is one of the world's top ten gold producers and one of the top five silver producers. The company's assets are located in Russia and Kazakhstan. Polymetal has ten operating gold and silver mines and a portfolio of development projects.