Russia's Polymetal to ramp up Asia sales as revenue slides (updated)

Polymetal International PK

21/07/2022 07:42

(Adds detail, quotes, context)
    MOSCOW, July 21 (Reuters) - Russian gold and silver producer
Polymetal  POLYP.L  aims to ramp up sales to Asia, it said on
Thursday as it reported  second-quarter revenue down 36% at $433
million owing to sanctions-hit sales and rising stockpiles.
    London-listed Polymetal is considering disposing of its
Russian assets to focus on operations in Kazakhstan in the face
of Western sanctions against Russia, it said this week.
 urn:newsml:reuters.com:*:nL1N2Z01GE
    "International sanctions against Russia continue to have a
material impact on sales, procurement and logistics," Chief
Executive Vitaly Nesis said in a statement.
    "The management is fully focused on maintaining operating
and financial stability of the company."
    The company's Russian mines accumulated 130,000 troy ounces
of gold equivalent in gold and silver bullion inventory in the
quarter, Polymetal said, adding that the gap between sales and
production is likely to be closed in the third quarter as it
ramps up sales to Asia.
    Its gold equivalent production fell by 9% year on year to
326,000 ounces for April-June, Polymetal said, adding that it
was on track to meet its full-year production guidance.
    The miner has yet to provide detail on the potential
restructuring to focus on Kazakhstan. 
    It is due to hold a conference call to discuss production
results with analysts at 1000 GMT on Thursday.

 (Reporting by Reuters
Editing by David Goodman)