By Jaime Llinares Taboada

 

Polyus PJSC on Tuesday reported an improved profit for the third quarter, as production rose well above the immediately prior period.

The Russian gold miner achieved a profit of $664 million in the three months ended Sept. 30, up 3% from $643 million in the second quarter.

Production grew 15% on quarter to 770,000 ounces. This more-than offset a 2% drop in the average selling price, to $1,787 an ounce, and a 9% increase in total cash costs, to $427 an ounce.

Polyus said higher costs were driven by structurally higher-cost alluvial operations and inflation in consumables and diesel prices. The company reiterated full-year total cash cost guidance of $425-$450 an ounce.

 

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

 

(END) Dow Jones Newswires

November 23, 2021 03:04 ET (08:04 GMT)

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