Polyus Backs 2021 Production Target Despite 1Q Fall -- Commodity Comment
April 26 2021 - 6:01AM
Dow Jones News
Polyus PJSC on Monday reported a fall in gold production for the
first quarter of the year compared with the previous quarter, but
backed its full-year guidance. Here's what the Russian gold miner
had to say:
On gold production:
"Total gold output amounted to 591,700 ounces, compared to
709,700 ounces in the fourth quarter of 2020. This decline was
driven by a seasonal slowdown in production at Alluvials and lower
refined gold volumes at Olimpiada, Blagodatnoye and Natalka."
"At Blagodatnoye and Natalka, a decrease in refined gold volumes
mainly reflects changes in gold in inventory at the refinery."
On ore mined:
"Volumes of ore mined amounted to 16.6 million tons, down 4% on
the previous quarter, reflecting lower ore volumes mined at
Olimpiada and Natalka."
On gold output:
"On a year-on-year basis, both dore gold output and total gold
output at Olimpiada decreased by 16% and 4% respectively, primarily
driven by lower grades in ore processed."
"On a year-on-year basis, both dore gold output and refined gold
output at Blagodatnoye declined by 11%."
"On a year-on-year basis, dore gold output and refined gold
output at Natalka increased by 19% and 21%, respectively."
"On a year on year basis, dore gold output at Kuranakh increased
2%."
On gold sales:
"Estimated gold sales amounted to $1,017 million, down 32%
compared to the previous quarter, with an estimated
weighted-average gold selling price of $1,788 per ounce (down 4% on
the fourth quarter of 2020)."
On production target:
"Our production target for this year remains unchanged and
stands at 2.7 million ounces of gold."
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(END) Dow Jones Newswires
April 26, 2021 05:46 ET (09:46 GMT)
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