Polymetal: Q3 2019 production results

Fecha : 24/10/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Polymetal International Plc (POLY)
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Polymetal: Q3 2019 production results

 
 Polymetal International plc (POLY) 
Polymetal: Q3 2019 production results 
 
24-Oct-2019 / 09:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date         24 October 2019 
 
Polymetal International plc 
 
Q3 2019 production results 
 
   Polymetal reports solid production results for the third quarter and nine 
           months ended September 30, 2019. 
 
  "Continued strong performance at Kyzyl is driving our production dynamics. 
     We now expect to exceed our full-year production guidance", said Vitaly 
           Nesis, Group CEO of Polymetal. 
 
           HIGHLIGHTS 
 
? In Q3, the Company's gold equivalent ("GE") production grew by 7% 
year-on-year to 476 Koz driven by Kyzyl contributing 94 Koz. Following the 
successful completion of several improvement projects, Kyzyl concentrator 
achieved steady-state throughput of 2.0 Mtpa, 11% above the original 
design. 
 
? Quarterly gold production gained 13% while silver output contracted by 
20% on the back of 2018 asset disposals and planned grade decline at 
Dukat. 
 
? GE production for the first nine months of 2019 increased 16% to 1,232 
Koz. Polymetal is likely to exceed its full-year production guidance of 
1,550 Koz by up to 50 Koz. 
 
? Q3 revenue increased by 43% to US$ 656 million on the back of higher 
sales volumes and prices. The seasonal gap between production and sales 
has been closed. 
 
? The Company notes cost increases from royalties driven by commodity 
prices yet maintains its cost guidance for 2019: TCC of US$ 600-650/GE oz 
and AISC of US$ 800-850/GE oz. 
 
? Net Debt of US$ 1.7 billion as of 30 September 2019 remained largely 
unchanged compared to 30 June 2019. The Company generated significant free 
cash flow and paid a regular semi-annual dividend of US$ 94 million (US$ 
0.20 per share). 
 
? Construction and development activities at the Nezhda and the POX-2 
projects continued on schedule. 
 
? In Q3, Polymetal had its ESG ratings upgraded - MSCI ESG Ratings score 
improved from BBB to A, and ISS-Oekom Corporate Rating was raised to C+. 
Furthermore, the Company was reaffirmed as a member of the Dow Jones 
Sustainability Index and FTSE4Good Index Series. 
 
             3 months ended      %     9 months ended      % 
                Sep 301,      change2     Sep 301,      change2 
              2019     2018             2019     2018 
 
Waste         41.3     33.6    +23%    118.9     94.5    +26% 
mined, Mt 
Underground   25.9     31.2    -17%     80.2     96.8    -17% 
development 
, km 
Ore mined,    4.5      3.6     +22%     13.0     10.2    +28% 
Mt 
Open-pit      3.4      2.5     +36%     9.9      6.7     +48% 
Underground   1.1      1.2      -7%     3.1      3.5     -11% 
Ore           3.9      4.4     -12%     11.5     11.4     +1% 
processed, 
Mt 
Production 
Gold, Koz     402      356     +13%    1,005     801     +25% 
Silver, Moz   5.4      6.7     -20%     16.4     19.4    -16% 
Copper, Kt    0.6      0.9     -36%     2.0      2.5     -21% 
Gold          476      447      +7%    1,232    1,066    +16% 
equivalent, 
Koz3 
Sales 
Gold, Koz     388      321     +21%     992      766     +30% 
Silver, Moz   6.1      5.3     +15%     16.4     17.4     -6% 
Copper, Kt    1.0      0.5     +109%    2.0      1.9      +5% 
Revenue,      656      459     +43%    1,602    1,248    +28% 
US$m4 
Net debt,    1,702    1,700     +0%    1,702    1,518    +12% 
US$m5 
Safety 
LTIFR6        0.11     0.07    +57%     0.15     0.13    +15% 
Fatalities     0        0       NA       2        1       +1 
                  Notes: (1) Including discontinued operations. 
 
             (2) % changes can be different from zero even when 
            absolute numbers are unchanged because of rounding. 
         Likewise, % changes can be equal to zero when absolute 
       numbers differ due to the same reason. This note applies 
                                 to all tables in this release. 
 
          (3) Based on 1:80 Ag/Au, 5:1 Cu/Au, 2:1 Pb/Au and 2:1 
                                       Zn/Au conversion ratios. 
 
             (4) Calculated based on the unaudited consolidated 
                                           management accounts. 
 
           (5) Non-IFRS measure based on unaudited consolidated 
      management accounts. Comparative information is presented 
          for 30 June 2019 (for the three months period) and 31 
                    December 2018 (for the nine months period). 
 
        (6) LTIFR = lost time injury frequency rate per 200,000 
                                                  hours worked. 
 
           PRODUCTION BY MINE 
 
                    3 months       %        9 months        % 
 
                 ended Sep 30,   change   ended Sep 30,   change 
                  2019    2018            2019     2018 
 
GOLD EQ. (KOZ)1 
Kyzyl              94      10      NM     253       10      NM 
Dukat              75      77     -2%     233      231     +1% 
Albazino-Amursk    75      88     -15%    211      241     -12% 
Omolon             49      50     -3%     148      136     +8% 
Mayskoye           72      47     +52%     76       47     +62% 
Varvara            37      37     -1%     113      103     +10% 
Voro               28      23     +20%     85       78     +9% 
Svetloye           46      59     -22%    107      112     -4% 
TOTAL             476      392    +21%   1,227     959     +28% 
(continuing 
operations) 
Okhotsk            -       44      NA      -        68      NA 
Kapan              -       11      NA      5        38      NA 
TOTAL             476      447    +7%    1,232    1,066    +16% 
(including 
discontinued 
operations) 
 
          Notes: (1) Based on 1:80 Ag/Au, 5:1 Cu/Au, 2:1 Pb/Au and 2:1 Zn/Au 
           conversion ratios. 
 
           CONFERENCE CALL AND WEBCAST 
 
   Polymetal will hold a conference call and webcast on Thursday, 24 October 
           2019 at 12:00 London time (14:00 Moscow time). 
 
           To participate in the call, please dial: 
 
           From the UK: 
 
           +44 330 336 9411 (local access) 
 
           0800 279 7204 (toll free) 
 
           From the US: 
 
           +1 929 477 0324 (local access) 
 
           800 458 4121 (toll free) 
 
           From Russia: 
 
           +7 495 646 9190 (local access) 
 
           8 10 8002 867 5011 (toll free) 
 
    To participate from other countries, please dial any of the local access 
           numbers listed above. 
 
           Conference code: 2360288 
 
           To participate in the webcast follow the link: 
 https://webcasts.eqs.com/polymetal20191024. Please be prepared to introduce 
           yourself to the moderator or register. 
 
 A recording of the call will be available immediately after the call at +44 
20 7660 0134 (from the UK), +1 719 457 0820 (from the USA) and 8 10 8002 702 
1012 (from Russia), access code 2360288, from 17:30 Moscow time Thursday, 24 
  October, till 17:30 Moscow time Thursday, 31 October, 2019. Webcast replay 
    will be available on Polymetal's website (www.polymetalinternational.com 
           [1]) and at https://webcasts.eqs.com/polymetal20191024. 
 
           About Polymetal 
 
    Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its 
    subsidiaries - "Polymetal", the "Company", or the "Group") is the top-20 
 global gold producer and top-5 global silver producer with assets in Russia 
   and Kazakhstan. The Company combines strong growth with a robust dividend 
           yield. 
 
           Enquiries 
 
Media                     Investor Relations 
 
FTI          +44 20 3727  Polymetal ir@polymetalinternational.com 
Consulting   1000 
 
                          Evgeny    +44 20 7887 1475 (UK) 
Leonid Fink               Monakhov 
 
Viktor                    Timofey 
Pomichal                  Kulakov 
 
                                    +7 812 334 3666 (Russia) 
 
                          Kirill 
                          Kuznetsov 
 
Joint Corporate Brokers 
 
Morgan       +44 20 7425  RBC       +44 20 7653 4000 
Stanley      8000         Europe 
                          Limited 
 
Andrew 
Foster                    Marcus 
                          Jackson 
 
Richard 
Brown                     Jamil 
                          Miah 
 
Panmure 
Gordon       +44 20 7886 
             2500 
 
Charles 
Lesser 
 
James 
Stearns 
 
Forward-looking statements 
 
       This release may include statements that are, or may be deemed to be, 
"forward-looking statements". These forward-looking statements speak only as 
        at the date of this release. These forward-looking statements can be 
   identified by the use of forward-looking terminology, including the words 
         "targets", "believes", "expects", "aims", "intends", "will", "may", 
   "anticipates", "would", "could" or "should" or similar expressions or, in 
each case their negative or other variations or by discussion of strategies, 
plans, objectives, goals, future events or intentions. These forward-looking 
      statements all include matters that are not historical facts. By their 
    nature, such forward-looking statements involve known and unknown risks, 
 uncertainties and other important factors beyond the company's control that 
  could cause the actual results, performance or achievements of the company 
 to be materially different from future results, performance or achievements 
           expressed or implied by such forward-looking statements. Such 
  forward-looking statements are based on numerous assumptions regarding the 
     company's present and future business strategies and the environment in 
which the company will operate in the future. Forward-looking statements are 
     not guarantees of future performance. There are many factors that could 
   cause the company's actual results, performance or achievements to differ 
     materially from those expressed in such forward-looking statements. The 
company expressly disclaims any obligation or undertaking to disseminate any 
  updates or revisions to any forward-looking statements contained herein to 
 reflect any change in the company's expectations with regard thereto or any 
  change in events, conditions or circumstances on which any such statements 
           are based. 
 
           KYZYL 
 
               3 months ended     %    9 months ended Sep   % 
                  Sep 30,                      30,         chan 
                                                            ge 
 
                                change 
               2019      2018            2019      2018 
MINING 
Waste mined,   17.5      16.1    +9%     49.9      44.8    +11% 
Mt 
Ore mined       527      436     +21%    1,560      833    +87% 
(open-pit), 
Kt 
 
PROCESSING 
Ore             502      362     +39%    1,490      436     NM 
processed, 
Kt 
Gold grade,     7.5      5.1     +45%     7.0       4.7    +49% 
g/t 
Gold           88.3%    78.7%    +12%    87.7%     75.3%   +16% 
recovery 
Concentrate    31.4      20.4    +54%    89.7      21.7     NM 
produced, Kt 
Concentrate    104.8     69.1    +52%    101.7     67.7    +50% 
gold grade, 
g/t 
Gold in        105.9     45.2   +134%    293.3     47.2     NM 
concentrate, 
Koz1 
 
Concentrate    17.2      5.4    +220%    54.2       5.4     NM 
shipped, Kt 
Payable gold   35.8      10.0   +259%    127.0     10.0     NM 
shipped, Koz 
 
Amursk POX 
Concentrate     15        -       NA      35         -      NA 
processed, 
Kt 
Gold grade,    125.9      -       NA     125.3       -      NA 
g/t 
Gold           91.7%      -       NA     92.9%       -      NA 
recovery 
Gold           58.2       -       NA     126.5       -      NA 
produced, 
Koz 
 
TOTAL 
PRODUCTION 
Gold, Koz      94.0      10.0     NM     253.5     10.0     NM 
 
Note: (1) For information only; not considered as gold produced and 
therefore not reflected in the table representing total production. It will 
be included in total production upon shipment to off-taker or dore 
production at Amursk POX. 
 
           Kyzyl continued to exceed budget on throughput and grade. Gold in 
  concentrate in Q3 was 106 Koz while payable gold production amounted to 94 
           Koz. 
 
       Q3 is expected to be the last quarter with significant positive grade 
           reconciliation. Starting from Q4 mining will continue beyond the 
  near-surface area with significant high-grade lenses and the average grade 
           will revert to open-pit reserve average. 
 
 The Chinese market for refractory concentrates is continuing to tighten. In 
      response, the Company moved to increase the share of gold contained in 
 low-carbon concentrate processed at Amursk POX to 70% (versus 50% planned). 
This drove POX recoveries lower, but will ensure higher production and lower 
 costs at Kyzyl at the expense of reducing 3rd-party concentrate processing. 
 
  Following the successful completion of several improvement projects, Kyzyl 
    concentrator achieved steady-state throughput of 2.0 Mtpa, 11% above the 
      original design. Several initiatives are under way to evaluate pushing 
           throughput to 2.1 Mtpa level by H2 2020. 
 
           Polymetal Engineering is finalizing a FS-level technical study to 
re-optimize the open pit under updated operational and economic assumptions. 
 The results, including the updated Ore Reserves estimate, will be presented 
           on November 11 at the Analyst and Investor Day. 
 
           DUKAT OPERATIONS 
 
               3 months ended     %   9 months ended Sep    % 
                  Sep 30,       chang         30, 
                                  e 
 
                                                          change 
               2019      2018           2019      2018 
 
MINING 
 
Underground    15.0      14.9    +1%    45.0      44.5     +1% 
development, 
km 
Ore mined,      642      610     +5%    1,894     1,831    +3% 
Kt 
 
PROCESSING 
Omsukchan 
concentrator 
Ore             506      500     +1%    1,535     1,496    +3% 
processed, 
Kt 
Grade 
Gold, g/t       0.5      0.6    -15%     0.5       0.6     -5% 
Silver, g/t     282      296     -5%     291       300     -3% 
Recovery1 
Gold           86.7%    87.0%    -0%    86.1%     86.8%    -1% 
Silver         86.8%    88.6%    -2%    86.8%     88.2%    -2% 
Production 
Gold, Koz       7.2      8.2    -13%    21.6      22.5     -4% 
Silver, Moz     3.9      4.0     -4%    12.1      12.4     -2% 
 
Lunnoye 
plant 
Ore             116      120     -3%     348       347     +0% 
processed, 
Kt 
Grade 
Gold, g/t       1.4      1.4     +1%     1.4       1.3     +9% 
Silver, g/t     241      310    -22%     258       330     -22% 
Recovery1 
Gold           91.4%    85.7%    +7%    87.6%     85.4%    +3% 
Silver         94.5%    91.4%    +3%    91.5%     91.1%    +0% 
Production 
Gold, Koz       4.9      4.6     +6%    14.0      12.2     +15% 
Silver, Moz     0.9      1.1    -20%     2.7       3.3     -19% 
 
TOTAL 
PRODUCTION 
Gold, Koz      12.0      12.8    -6%    35.6      34.7     +3% 
Silver, Moz     4.7      5.1     -8%    14.8      15.7     -6% 
 
           Note: (1) Technological recovery, includes gold and silver within 
           work-in-progress inventory. 
 
          At Dukat, quarterly silver and gold production were down 8% and 6% 
          year-on-year respectively. The decline was driven by the Omsukchan 
     concentrator processing larger volumes of lower-grade ore as well as by 
     planned reduction in silver grade at Lunnoye mostly attributable to the 
           depletion of higher-grade Zone 9. 
 
Given the significant increase in the silver price, management is evaluating 
     the postponement of the mine closure at Goltsovoye by bringing marginal 
       stopes and areas into production. Such a development will enable full 
           utilization of the Dukat concentrator in 2020. 
 
           ALBAZINO 
 
             3 months ended Sep    %   9 months ended Sep    % 
                     30,         chang         30,         chang 
                                   e                         e 
               2019      2018            2019      2018 
MINING 
Albazino 
Waste mined,    5.7       5.5     +4%    16.8      16.0     +5% 
Mt 
Underground     2.9       2.2    +28%     7.7       6.9    +12% 
development, 
Km 
Ore mined,      571       442    +29%    1,596     1,372   +16% 
Kt 
Open-pit        418       348    +20%    1,184     1,062   +11% 
Underground     153       94     +62%     412       310    +33% 
 
PROCESSING 
Albazino 
concentrator 
Ore             447       431     +4%    1,303     1,291    +1% 
processed, 
Kt 
Gold grade,     4.8       5.4    -11%     4.4       5.2    -15% 
g/t 
Gold           86.9%     84.9%    +2%    85.9%     84.5%    +2% 
recovery1 
Concentrate    36.8      36.8     -0%    106.0     105.7    +0% 
produced, Kt 
Concentrate    51.0      54.1     -6%    46.6      54.3    -14% 
gold grade, 
g/t 
Gold in        60.3      64.0     -6%    158.9     184.3   -14% 
concentrate, 
Koz2 
 
Amursk POX 
Concentrate     45        49      -8%     135       131     +3% 
processed, 
Kt 
Gold grade,    51.2      56.1     -9%    50.5      57.3    -12% 
g/t 
Gold           96.5%     96.6%    -0%    95.2%     96.9%    -2% 
recovery 
Gold           74.7      87.6    -15%    211.1     240.4   -12% 
produced, 
Koz 
 
TOTAL 
PRODUCTION 
Gold, Koz      74.7      87.6    -15%    211.1     240.4   -12% 
 
           Notes: (1) To concentrate. 
 
 (2) For information only; not considered as gold produced and therefore not 
     reflected in the table representing total production. Included in total 
           production after dore production at the Amursk POX. 
 
At Albazino, production dynamics continued to be affected by lower-grade ore 
  from the Ekaterina-1 open pit. Quarterly production of gold in concentrate 
           decreased by 6% year-on-year. 
 
           However, a 62% jump in underground ore mined ensured positive 
     quarter-on-quarter grade dynamics despite challenging ground conditions 
         thanks to careful customization of mining methods to specific stope 
           conditions. 
 
           AMURSK POX 
 
               3 months ended     %      9 months ended     % 
                  Sep 30,       change      Sep 30,       change 
               2019     2018             2019     2018 
Concentrate     60       49      +22%    171       131     +30% 
processed, 
Kt 
Albazino        41       44      -6%     122       115     +6% 
Kyzyl           15        -       NA      35        -       NA 
Mayskoye        -         1     -100%     -         1     -100% 
Other1          3         5      -27%     13       16      -17% 
Gold          94.3%     96.6%    -2%    94.3%     96.9%    -3% 
recovery 
Average gold   70.3     56.1     +25%    66.0     57.3     +15% 
grade, g/t 
Average       12.5%     9.3%     +34%   12.8%     8.7%     +47% 
sulphur 
grade 
Total gold    132.9     87.6     +52%   337.5     240.4    +40% 
produced2, 
Koz 
Albazino       62.5     72.2     -13%   178.5     202.7    -12% 
Kyzyl          58.2       -       NA    126.5       -       NA 
Other1         12.2     15.4     -21%    32.6     37.7     -14% 
 
          Notes: (1) Veduga and purchased concentrates which are included in 
           reportable production in the Albazino segment. 
 
  (2) For information only. Already accounted for in production at operating 
           mines. 
 
Q3 gold production at the Amursk POX increased by 52% year-on-year driven by 
           the introduction of high-grade Kyzyl concentrate to the feed. 
 
   By implementing tight feed management procedures, the POX team managed to 
     increase the recovery ratio in comparison with the previous quarter and 
  stabilize it at the level above 94%. In Q2, the beginning of processing of 
         large quantities of Kyzyl concentrate had significantly changed the 
           operating parameters and led to a decline in recoveries. 
 
  Increased volumes of high-grade low-carbon Kyzyl concentrate displaced 3rd 
           party materials. 
 
           OMOLON OPERATIONS 
 
             3 months ended Sep    %   9 months ended Sep    % 
                     30,         chang         30,         chang 
                                   e                         e 
               2019      2018            2019      2018 
 
MINING 
 
Waste mined,    1.9       1.9     +3%     5.1       4.6    +13% 
Mt 
Underground     3.3       3.3     +1%     9.9       9.6     +2% 
development, 
Km 
Ore mined,      805       176     NM     2,183      658     NM 
Kt 
Open-pit        690       102     NM     1,849      400     NM 
Underground     115       74     +55%     334       258    +30% 
 
PROCESSING 
Birkachan 
Heap Leach 
Ore stacked,    350       487    -28%     897       959     -6% 
Kt 
Gold grade,     1.2       1.2     +4%     1.2       1.1     +5% 
g/t 
Gold            9.0       8.8     +2%    11.0       9.9    +12% 
production, 
Koz 
 
Kubaka Mill 
Ore             184       220    -16%     612       642     -5% 
processed, 
Kt 
Grade 
Gold, g/t       6.0       4.4    +36%     6.3       4.8    +32% 
Silver, g/t    131.6     151.2   -13%    90.0      118.8   -24% 
Recovery1 
Gold           95.8%     95.4%    +1%    95.5%     95.4%    +0% 
Silver         80.8%     89.3%   -10%    79.5%     83.0%    -4% 
Gold           32.7      29.8    +10%    119.1     99.8    +19% 
production, 
Koz 
Silver          0.6       0.9    -37%     1.4       2.1    -34% 
production, 
Moz 
 
TOTAL 
PRODUCTION 
Gold, Koz      41.7      38.6     +8%    130.1     109.7   +19% 
Silver, Moz     0.6       0.9    -37%     1.4       2.1    -34% 
 
           Note: (1) Technological recovery, includes gold and silver within 
           work-in-progress inventory. 
 
  At Omolon, gold output was up 8% year-on-year while silver output was down 
  37% as the processing plant switched away from Sopka ore towards feed from 
           Birkachan and Olcha. 
 
           Following a successful in-fill drilling campaign, open-pit mining 
recommenced at the Bikarchan mine with a view to extend the operation of the 
           heap leach facility. 
 
       Quarterly volume of ore processed at the Kubaka mill decreased by 16% 
 year-on-year due to the planned 14-day maintenance shutdown to complete SAG 
           headgear replacement. 
 
           MAYSKOYE 
 
               3 months ended     %      9 months ended     % 
                  Sep 30,       change      Sep 30,       change 
               2019     2018             2019     2018 
MINING 
Waste mined,   1.4       1.6     -13%    4.0       3.6     +12% 
Mt 
Underground    4.7       5.4     -13%    15.5     17.6     -11% 
development, 
km 
Ore mined,     199       304     -34%    638       767     -17% 
Kt 
Open-pit        41       150     -73%    175       282     -38% 
Underground    159       154     +3%     463       485     -4% 
 
PROCESSING 
Ore            232       223     +4%     658       639     +3% 
processed, 
Kt 
Gold grade,    6.3       9.0     -30%    6.2       7.5     -18% 
g/t 
Gold          84.7%     71.8%    +18%   79.5%     77.5%    +3% 
recovery 
Gold in        36.3     29.3     +24%    94.9     84.3     +13% 
concentrate, 
Koz2 
 
Gold            -        0.7    -100%     -        0.7    -100% 
produced in 
dore from 
concentrate 
(POX), Koz 
Gold           1.5       1.2     +25%    6.0       1.2    +416% 
produced in 
dore from 
carbon, Koz3 
 
Payable gold   70.3     45.3     +55%    70.3     45.3     +55% 
in 
concentrate 
shipped to 
off-takers, 
Koz 
 
TOTAL 
PRODUCTION 
Gold, Koz      71.8     47.1     +52%    76.3     47.1     +62% 
 
           Notes: (1) To concentrate. 
 
 (2) For information only; not considered as gold produced and therefore not 
     reflected in the table representing total production. Included in total 
         production upon sale to off-taker or dore production at Amursk POX. 
 
           (3) Gold produced from carbon at Amursk POX. 
 
           In Q3, Mayskoye switched back to processing sulphide ore from the 
   underground mine. Consequently, grade fell and recoveries jumped. Gold in 
           concentrate produced increased by 24% year-on-year. 
 
  Shipments of Mayskoye concentrate to Chinese off-takers commenced with the 
   start of navigation period in August. Payable gold in concentrate shipped 
     was up 55% year-on-year. The Chinese concentrate market continues to be 
 challenging with high arsenic material starting to attract heavy penalties. 
      This is likely to have an approximately $150-200/oz negative impact on 
           Mayskoye's TCC and AISC for 2019. 
 
           VARVARA 
 
            3 months ended Sep    %    9 months ended Sep    % 
                    30,                        30,         chang 
                                                             e 
 
                                change 
              2019      2018             2019      2018 
 
MINING 
Waste         11.4       7.2     +59%    34.1      21.9    +56% 
mined, Mt 
Ore mined,    1,014      888     +14%    2,953     2,274   +30% 
Kt 
 
PROCESSING 
Flotation 
Ore            134       116     +16%     411       296    +39% 
processed, 
Kt 
Grade 
Gold, g/t      1.3       1.4     -6%      1.2       1.3    -11% 
Copper        0.37%     0.59%    -37%    0.53%     0.55%    -4% 
Recovery1 
Gold          52.1%     72.3%    -28%    51.3%     68.7%   -25% 
Copper        91.3%     92.8%    -2%     91.4%     92.1%    -1% 
Production 
Gold in        2.7       3.2     -15%     7.2       7.4     -2% 
concentrate 
, Koz 
Copper in      0.6       0.6     -6%      1.8       1.5    +26% 
concentrate 
, Kt 
 
Veduga ore     35        43      -18%     98        86     +14% 
toll 
processed, 
Kt2 
 
Leaching 
Ore            733       826     -11%    2,268     2,324    -2% 
processed, 
Kt 
Gold grade,    1.6       1.3     +18%     1.5       1.4     +7% 
g/t 
Gold          87.4%     89.4%    -2%     86.8%     87.7%    -1% 
recovery1 
Gold          31.3      31.1     +1%     96.7      88.6     +9% 
production 
(in dore), 
Koz 
 
Total ore      902       985     -8%     2,778     2,706    +3% 
processed, 
Kt 
 
TOTAL 
PRODUCTION 
Gold, Koz     34.0      34.3     -1%     103.9     95.9     +8% 
Copper, Kt     0.6       0.6     -6%      1.8       1.5    +26% 
 
          Notes: (1) Technological recovery, includes gold and copper within 
           work-in-progress inventory. Does not include toll-treated ore. 
 
           (2) To be further processed at Amursk POX. 
 
At Varvara, gold output decreased by 1% year-on-year as the leaching circuit 
           underwent the planned replacement of the mill lining. 
 
  Gold grade processed increased thanks to higher mining and railing volumes 
  at Komar. New company-owned loco has been successfully commissioned and is 
           expected to further drive down Komar ore transportation costs. 
 
VORO 
 
           3 months ended Sep   %   9 months ended Sep  % change 
                   30,         chan         30, 
                                ge 
             2019      2018           2019      2018 
 
MINING 
 
Waste         0.4       0.9    -56%    1.2       2.8      -58% 
mined, Mt 
Ore mined,    181       204    -11%    661       779      -15% 
Kt 
 
PROCESSING 
Voro CIP 
Ore           264       253    +4%     783       752      +4% 
processed, 
Kt 
Gold          4.0       3.6    +11%    3.7       3.9      -6% 
grade, g/t 
Gold         87.0%     80.6%   +8%    86.6%     80.7%     +7% 
recovery1 
Gold         26.4      21.4    +23%   71.4      72.2      -1% 
production 
, Koz 
 
Voro Heap 
Leach 
Ore           58        60     -2%     58        62       -5% 
stacked, 
Kt 
Gold          1.4       1.4    +0%     1.4       1.4      +0% 
grade, g/t 
Gold          1.5       2.1    -25%   12.7       5.8     +120% 
production 
, Koz 
 
TOTAL 
PRODUCTION 
Gold, Koz    28.0      23.5    +19%   84.0      77.9      +8% 
 
     Note: (1) Technological recovery, includes gold within work-in-progress 
           inventory. 
 
     Q3 gold production at Voro climbed by 19% year-on-year as the CIP plant 
           processed high-grade oxide ore from the southern pit. 
 
Waste volume decreased sharply as the open pit is approaching the end of its 
           life. 
 
           SVETLOYE 
 
           3 months ended Sep   %   9 months ended Sep  % change 
                   30,         chan         30, 
                                ge 
             2019      2018           2019      2018 
 
MINING 
Waste         0.3       0.2    +41%    1.1       0.5     +142% 
mined, Mt 
Ore mined     406       317    +28%   1,273      978      +30% 
(open-pit) 
, Kt 
 
PROCESSING 
Ore           369       491    -25%    968      1,144     -15% 
stacked, 
Kt 
Gold          4.1       3.8    +10%    4.0       3.8      +6% 
grade, g/t 
Gold         46.1      59.0    -22%   107.0     112.0     -4% 
production 
, Koz 
 
TOTAL 
PRODUCTION 
Gold, Koz    46.1      59.0    -22%   107.0     112.0     -4% 
 
 At Svetloye, gold production contracted by 22% year-on-year as ore stacking 
           was negatively affected by wet and cold weather in Q3. 
 
           DEVELOPMENT UPDATE 
 
      At Nezhda, pre-stripping and construction proceeded according to plan. 
     Repair of the road from the Kolyma federal highway to the mine site was 
 completed. The road is ready for the delivery of technological equipment of 
   the plant and the power station in Q1 2020. The installation of the metal 
           framework of the processing plant building was completed, and the 
manufacturing of internal metal structures is under way. The construction of 
       foundations for the power station and the underground tunnel from the 
   crusher to the concentrator started. The lining of the dry-stack tailings 
           storage facility commenced. 
 
      A positive conclusion of the state environmental review of the project 
           documentation was received. 
 
  At POX-2, the autoclave foundation boxcut was excavated and the foundation 
         concrete bed prepared. Polymetal signed contracts for high-pressure 
 auxiliary equipment around the autoclave through Hatch. Active construction 
           started at the new concentrate storage area. 
 
           SUSTAINABILITY, HEALTH AND SAFETY 
 
     In Q3, our LTIFR stood at 0.11 versus 0.07 in Q3 2018 with a total of 3 
  work-related incidents recorded across the Group (2 incidents in Q3 2018). 
    The increase was driven by minor incidents that occurred at remote sites 
   outside of production shifts (falls, slips). Accordingly, risk assessment 
  and safety training will be adjusted to take into account higher frequency 
           of this type of incidents. 
 
  In the reporting quarter Polymetal had its ESG ratings upgraded - MSCI ESG 
    Ratings score improved from BBB to A, and ISS-Oekom Corporate Rating was 
raised to C+. Furthermore, the Company was reaffirmed as a member of the Dow 
           Jones Sustainability Index and FTSE4Good Index Series. 
 
   As a way to further align our ESG efforts to financial results, Polymetal 
      signed a new US$ 75 million sustainability-linked credit facility with 
 Societe Generale. The interest rate is tied to the Company's performance on 
           specific ESG KPIs set by the agreement. 
 
           PERSONNEL 
 
       Oleg Voronin (50) was appointed as Managing Director at Albazino. Mr. 
Voronin graduated from the Krasnoyarsk Institute of Non-Ferrous Metal with a 
degree in underground mining. From 1993 until 2009 he held various positions 
   with the Zyryanovsky mining and processing complex (now part of Kazzinc), 
 all the way up to the chief engineer. In 2009, Oleg joined Polymetal as the 
     chief engineer of Dukat operations. In 2015, he assumed the position of 
           chief engineer at Albazino. 
 
ISIN:          JE00B6T5S470 
Category Code: MSCH 
TIDM:          POLY 
Sequence No.:  24599 
EQS News ID:   895603 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=fba23058f293f3f9cfdc07655fbfef2c&application_id=895603&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

October 24, 2019 02:00 ET (06:00 GMT)

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