Polyus Gold Production, Prices Push 3Q Sales Up 12% From 2Q

By Jaime Llinares Taboada

Polyus PJSC on Thursday posted stronger gold production, sales and prices for the third quarter compared with the immediately previous period.

The London- and Moscow-listed mining company produced 771,000 ounces of gold in the three months ended Sept. 30, 12% higher than in the second quarter and up 2% from the third quarter of 2019.

Estimated gold sales rose 26% from the prior quarter, to $1.44 billion. This was as average prices strengthened 11% to $1,907 an ounce.

Chief Executive Pavel Grachev said that the company is on track to meet its full-year production target of 2.8 million ounces.

Polyus on Thursday also published a maiden ore reserve estimate of 540 million ounces for its Sukhoi Log flagship project. "The publication of the maiden ore reserve estimate represents a significant milestone for Polyus's long-term development strategy, and confirms Sukhoi Log's position as one of the world's highest-caliber gold deposits," Mr. Grachev said.

Shares in London at 0730 GMT were up $0.40, or 0.4%, at $109.30.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

October 22, 2020 03:59 ET (07:59 GMT)

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