MOSCOW, September 25. /TASS/. Polymetal, Russia's largest silver producer and one of the leading gold miners, received an adjusted net profit under International Financial Reporting Standards (IFRS) of $261 mln for the first half of 2023, which is 28% more than the same period last year, the company said in a statement.

Adjusted EBITDA rose 31% to $559 mln, driven by higher sales volumes. The company's capital expenditures for the reporting period amounted to $375 mln compared to $373 mln a year earlier.

Polymetal also confirmed its original production target for 2023 of 1.7 mln gold equivalent ounces. The company raised its gold equivalent output by 3% to 764,000 ounces in the first half of the year, while gold sales grew by 25% to 570,000 ounces. Simultaneously, silver sales jumped 19% to 10.4 mln ounces.

The group's total cash cost (TCC) per ounce sold in the first half of 2023 reamined almost unchanged at $1,386, thus exceeding the level of the same period last year by 1%, but remaining within the company's annual forecast of $1,300-1,400 at ounce of gold equivalent.