Polyus 3Q Gold Sales, Production Rose Vs. 2Q

By Joe Hoppe

Polyus PJSC on Thursday said gold production and sales strengthened in the third quarter compared with the second, offsetting slightly weaker prices.

The London- and Moscow-listed mining company produced 770,000 ounces of gold in the three months ended Sept. 30, 15% higher than in the second quarter and roughly flat with the third quarter of 2020. The company said this increase was driven by higher production volumes of refined gold across almost all of its deposits.

Estimated gold sales rose 12% from the preceding quarter, to $1.38 billion, it said. This was despite average prices weakening 2% to $1,787 an ounce.

Chief Executive Pavel Grachev said the company is on track to meet its full-year production target of 2.7 million ounces.

Shares in Moscow at 0737 GMT were up 158.5 rubles, or 1.1%, at RUB14,308.0.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 28, 2021 04:02 ET (08:02 GMT)

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