Polyus 2Q Profit Rose on Higher Gold Sales
August 24 2021 - 2:54AM
Dow Jones News
By Jaime Llinares Taboada
Polyus PJSC on Tuesday reported that its profit increased 43% in
the second quarter compared with the prior period, reflecting
higher gold production.
Polyus, the world's fourth-largest gold miner, made a profit of
$643 million in the three months through June up from $450 million
in the first quarter--although 6% lower than $684 million in the
second quarter of 2020.
Adjusted earnings before interest, taxes, depreciation and
amortization rose 22% on quarter, reflecting a 13% increase in
production and a 19% increase in gold sales. Realized gold prices
strengthened 2% to $1,815 an ounce.
Total cash costs rose 1% to $390 an ounce but remained below
full-year guidance. Polyus expects costs to increase in the second
half, reflecting inflationary pressures, and reaffirmed its
$425-$450 cost guidance.
The Russian miner declared a first-half dividend of 267.48
Russian rubles ($3.61) a share.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 24, 2021 02:49 ET (06:49 GMT)
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