Russia's Polymetal Q1 revenue up 4% y/y (updated)

Polymetal International PK

25/04/2022 07:30

(Adds details, quotes, context)
    April 25 (Reuters) - Russian gold and silver producer
Polymetal  POLYP.L  said on Monday that its first-quarter
revenue grew by 4% year on year to $616 million due to higher
gold prices.
    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 company said. It has not been directly
targeted by the sanctions.
    "The company continues to operate safely and profitably and
is fully focused on ensuring business continuity and long-term
viability," Vitaly Nesis, Polymetal's chief executive, said in a
statement.
    "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,"
he added. 
    Polymetal's production of gold equivalent - a mix of gold
and other metals - decreased by 6% to 372,000 troy ounces, the
company said, adding that it was on track to produce 1.7 million
ounces in 2022.

 (Reporting by Reuters, Editing by Louise Heavens)