By Jaime Llinares Taboada

Polyus PJSC said Monday that first-quarter gold sales fell 32% from the previous quarter as production declined.

The Russian gold miner said estimated gold sales amounted to $1.02 billion, with an average selling price per ounce around 4% lower than in the fourth quarter of 2020.

In addition, production fell 17% on quarter to 591,700 ounces--although it was just 1% below that reported in the first quarter of 2020.

The quarterly decline "was driven by a seasonal slowdown in production at Alluvials and lower refined gold volumes at Olimpiada, Blagodatnoye and Natalka," Polyus said.

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

(END) Dow Jones Newswires

April 26, 2021 02:44 ET (06:44 GMT)

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