Polymetal International plc (POLY) 
Polymetal: Q1 2020 production results 
 
20-Apr-2020 / 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         20 April 2020 
 
Polymetal International plc 
 
Q1 2020 production results 
 
   Polymetal reports solid production results for the first quarter ended 31 
           March 2020 
 
       "Q1 was a strong start to the year for the Company, delivering steady 
   performance amidst unprecedented global disruption and uncertainty", said 
      Vitaly Nesis, Group CEO of Polymetal. "In light of the global COVID-19 
    pandemic we have been taking significant measures to keep our employees, 
   suppliers, contractors, and other counterparties healthy and safe, and to 
 maintain continuous operations. So far we have been proven to be successful 
           in mitigating any impact". 
 
           HIGHLIGHTS 
 
? There were no fatal accidents during the quarter either among Polymetal 
employees or at the Company's contractors. LTIFR improved by 71% 
year-on-year (y-o-y) to 0.07 as only two minor injuries were recorded. 
 
? The Company's Q1 gold equivalent ("GE") production grew by 5% y-o-y to 
391 Koz as strong performance at Kyzyl, Svetloye and Varvara more than 
offset planned grade declines at Omolon and Voro. 
 
? Quarterly revenue increased by 9% y-o-y to US$ 494 million on the back 
of higher gold prices. Sales volumes decreased by 7% y-o-y due to the 
COVID-related slowdown of concentrate shipments to China, which have fully 
normalised since early March. 
 
? Net debt grew to US$ 1.66 billion primarily due to seasonal advance 
purchases of diesel fuel and other consumables and low sales volumes. Free 
cash flow generation in 2020, as seen historically, will be weighted 
towards the second half of the year driven by seasonal working capital 
drawdowns. 
 
? Construction and development activities at Nezhda and POX-2 projects 
progressed on schedule. 
 
? The Company confirms its 2020 production guidance of 1.6 Moz of GE. 
Management acknowledges material devaluation of Russian Rouble and Kazakh 
Tenge since the beginning of the year. However, given the highly volatile 
macroeconomic background, we currently maintain the full-year guidance of 
US$ 650-700/GE oz for TCC and US$ 850-900/GE oz for AISC. The guidance 
will be revisited along with 1H results. 
 
? Polymetal remains committed to its dividend policy and does not intend 
to change the previously announced final dividend recommendation of US$ 
0.42 per share or US$ 197 million in total for FY 2019, which is due to be 
paid on 29 May 2020 (subject to the AGM approval on 27 April 2020). This 
will take the total dividend paid for 2019 to US$ 0.82 per share or US$ 
385 million in aggregate. 
 
? The Company will host its annual Analyst & Investor Day and ESG Investor 
Presentation on 28 April 2020 in the format of conference call and 
webcast. 
 
           COVID-19 UPDATE 
 
           Health and safety 
 
? No cases of COVID-19 have been registered within Polymetal so far. 
 
? Health and safety of our employees and other people is our top priority. 
Strict precautionary procedures are in place at all production sites, 
including daily temperature checks, regular medical surveillance and 
isolation of new shifts (at remote sites). Polymetal has organised 
isolated accommodation for potential placement of patients with suspicion 
of COVID-19, enhanced hygiene protection in public spaces and increased 
control over disinfection and sterilisation measures. Adequate medical 
supplies are in place at all locations. 
 
? Off-site offices are currently manned by skeleton crews tasked with 
minimum maintenance of essential information and financial systems. Most 
of the work and communication is conducted remotely from home. Personal 
meetings and business trips have been cancelled. 
 
? Polymetal has started to provide financial support for medical 
institutions in all regions of operation. The Company is purchasing mobile 
X-Ray and anesthetic-respiratory equipment, oxygen concentrators, 
ventilators and other medical supplies for Chukotka district hospital, 
Magadan regional hospital, medical facilities in Yakutsk, and 10 other 
municipal hospitals in Russia and 4 in Kazakhstan. 
 
           Sales 
 
? Sales and refining activities remain unaffected. Refineries in Russia 
and Kazakhstan continue to operate normally. Concentrate shipments to 
China by sea and by rail are back to regular schedule after temporary 
suspension of shipments in February. 
 
? Although the Central Bank of Russia decided to temporarily suspend gold 
purchases, commercial banks in Russia continue to buy bullion. No negative 
signs of demand repercussions for domestic producers are present. The 
Company also maintains the ability to directly export bullion abroad. 
 
           Business continuity 
 
? Both Russia and Kazakhstan have imposed various self-isolation 
requirements that differ among regions. Continuous operations and 
strategic industrial companies (including Polymetal) are allowed to 
continue operating. 
 
? In both countries, Polymetal has had no interruptions either in 
production or supply chain. The vast majority of operating consumables and 
spares are sourced domestically and in China. 
 
? At Nezhda, all critical equipment has been shipped by vendors. 
Installation support and start-up services can be performed by domestic 
crews or remotely. Project delay risks are thus minimal. 
 
? Should the lockdown measures in response to the COVID-19 pandemic be 
tightened further, some operations and development projects remain exposed 
to the actions countries have taken or may take, including: 
 
? Ability to bring employees across the border between Russia and 
Kazakhstan (materially relevant for Dukat). 
 
? Ability to change shifts at remote sites while observing 
inter-regional quarantine restrictions in Russia and Kazakhstan. 
 
? Delivery of key equipment for the POX-2 depends on the duration of 
industrial lockdowns in Belgium, Italy, and France. Project schedule may 
slip if such restrictive measures continue for more than 3 to 4 months. 
 
           Liquidity and funding 
 
? In order to further mitigate potential risks, Polymetal has proactively 
secured medium-term (6 to 9 months) funding to establish a cash cushion 
for a potential liquidity gap. Currently the Company has $565 million of 
cash on its balance sheet and continue to maintain US$ 600+ million of 
available credit lines for any additional requirements. 
 
                          3 months ended Mar 31,       % change1 
                           2020             2019 
 
Waste mined, Mt            39.9             37.6          +6% 
Underground                23.1             28.2         -18% 
development, km 
Ore mined, Mt              3.9              4.2           -7% 
Open-pit                   2.9              3.2           -8% 
Underground                1.0              1.0           -2% 
Ore processed, Mt          3.5              3.4           +2% 
Production 
Gold, Koz                  324              301           +8% 
Silver, Moz                4.9              5.0           -1% 
Gold equivalent,           391              371           +5% 
Koz2 
Sales 
Gold, Koz                  271              291           -7% 
Silver, Moz                4.7              4.7           +1% 
Revenue, US$m3             494              454           +9% 
Net debt, US$m4           1,661            1,479         +12% 
Safety 
LTIFR5                     0.07             0.24         -71% 
Fatalities                  0                1 
 
  Notes: (1) % 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. 
 
         (2) Based on 1:80 Ag/Au, 5:1 Cu/Au and 2:1 Zn/Au conversion ratios. 
 
     (3) Calculated based on the unaudited consolidated management accounts. 
 
   (4) Non-IFRS measure based on unaudited consolidated management accounts. 
           Comparative information is presented for 31 December 2019. 
 
       (5) LTIFR = lost time injury frequency rate per 200,000 hours worked. 
 
           PRODUCTION BY MINE 
 
                             3 months ended Mar 31,         % 
 
                                                          change 
                              2020             2019 
 
GOLD EQ. (KOZ)1 
Kyzyl                         109               78         +39% 
Albazino                       78               81         -5% 
Dukat                          76               76         +0% 
Varvara                        45               38         +20% 
Omolon                         42               53         -20% 
Svetloye                       21               9         +133% 
Voro                           20               27         -26% 
Mayskoye                       0                5          -93% 
TOTAL (continuing             391              367         +7% 
operations) 
Kapan                          -                52        -100% 
TOTAL (including              391              371         +5% 
discontinued 
operations) 
 
  Notes: (1) Based on 1:80 Ag/Au, 5:1 Cu/Au and 2:1 Zn/Au conversion ratios. 
 
           (2) Production up to asset disposal date on 30 January 2019 
 
           CONFERENCE CALL AND WEBCAST 
 
  Polymetal will hold a conference call and webcast on Monday, 20 April 2020 
           at 12:00 London time (14:00 Moscow time). 
 
           To participate in the call, please dial: 
 
           From the UK: 
 
           +44 330 336 9104 (local access) 
 
           0800 358 6374 (toll free) 
 
           From the US: 
 
           +1 646 828 8195 (local access) 
 
           888 378 4398 (toll free) 
 
           From Russia: 
 
           +7 495 213 1765 (local access) 
 
           8 800 500 9271 (toll free) 
 
    To participate from other countries, please dial any of the local access 
           numbers listed above. 
 
           Conference code: 971224 
 
           To participate in the webcast follow the link: 
           https://webcasts.eqs.com/polymetal20200420 [1]. 
 
      Please be prepared to introduce yourself to the moderator or register. 
 
A recording of the call will be available at +44 207 660 0134 (from the UK), 
 +1 719 457 0820 (from the USA) and 8 10 800 2702 1012 (from Russia), access 
    code 8636392, from 17:30 Moscow time Monday, 20 April, till 17:30 Moscow 
 time Monday, 27 April 2020. Webcast replay will be available on Polymetal's 
           website (www.polymetalinternational.com [2]) and at 
           https://webcasts.eqs.com/polymetal20200420 [1]. 
 
           About Polymetal 
 
  Polymetal International plc (together with its subsidiaries - "Polymetal", 
   the "Company", or the "Group") is a top-10 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 
 
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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 
Co.                       Limited 
Internationa 
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Andrew 
Foster 
 
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Richard 
Brown 
 
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Panmure 
Gordon 
 
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 Mar 31,       % change 
                            2020             2019 
MINING 
Waste mined, Mt             19.2             15.9         +21% 
Ore mined, Kt               523              522          +0% 
 
PROCESSING 
Ore processed, Kt           526              476          +10% 
Gold grade, g/t             8.0              6.9          +17% 
Gold recovery              87.2%            86.8%         +0% 
Concentrate produced,       35.7             29.8         +20% 
Kt 
Concentrate gold           101.4             96.0         +6% 
grade, g/t 
Gold in concentrate,       116.4             91.9         +27% 
Koz1 
 
Concentrate shipped,        20.8             19.6         +6% 
Kt 
Payable gold shipped,       41.3             50.7         -19% 
Koz 
 
Amursk POX 
Concentrate                  16               8          +100% 
processed, Kt 
Gold grade, g/t            135.8            118.3         +15% 
Gold recovery              91.8%            94.4%         -3% 
Gold produced, Koz          67.2             27.4        +146% 
 
TOTAL PRODUCTION 
Gold, Koz                  108.6             78.1         +39% 
 
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. 
 
In Q1, Kyzyl continued to demonstrate material positive grade reconciliation 
- the average gold grade in ore processed grew by 17% y-o-y to 8.0 g/t, well 
      above the mine plan. The company expects the average grade at Kyzyl to 
           normalize in Q2. 
 
 POX recovery fell as more material with medium-carbon grade was diverted to 
      Amursk from China following COVID-related shipment delays in February. 
 
           ALBAZINO 
 
                           3 months ended Mar 31,       % change 
                            2020             2019 
MINING 
Waste mined, Mt             4.8              5.5          -13% 
Underground                 3.1              2.3          +32% 
development, Km 
Ore mined, Kt               517              480          +8% 
Open-pit                    360              362          -1% 
Underground                 157              118          +33% 
PROCESSING 
Albazino concentrator 
Ore processed, Kt           445              425          +5% 
Gold grade, g/t             4.5              4.4          +1% 
Gold recovery1             85.6%            83.7%         +2% 
Concentrate produced,       35.9             35.6         +1% 
Kt 
Concentrate gold            48.1             44.5         +8% 
grade, g/t 
Gold in concentrate,        55.6             50.9         +9% 
Koz2 
 
Amursk POX 
Concentrate                  46               53          -14% 
processed, Kt 
Gold grade, g/t             53.6             51.6         +4% 
Gold recovery              96.4%            95.2%         +1% 
Gold produced, Koz          77.5             81.3         -5% 
TOTAL PRODUCTION 
            Gold, Koz       77.5             81.3         -5% 
 
           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, gold in concentrate production was up 9% y-o-y on the back of 
  higher grades and recoveries. This was driven by the lower base in Q1 2019 
   attributable to more complex metallurgy and lower grade from Ekaterina-1. 
 
     Underground mine productivity at Albazino increased by 33% y-o-y due to 
     continued underground development at Olga ore zone and increased mining 
 fleet. The Company plans to fully ramp up underground mining at Ekaterina-2 
           this year. 
 
  Reported gold production for the quarter decreased by 5% y-o-y as Albazino 
 and third-party concentrate were supplanted by Kyzyl concentrate at the POX 
           plant. 
 
           AMURSK POX 
 
                             3 months ended Mar 31,     % change 
                              2020           2019 
Concentrate processed,         62             61          +1% 
Kt 
Albazino                       41             45          -10% 
Kyzyl                          16              8         +100% 
Veduga                         1               4          -67% 
Other1                         3               3          -0% 
Gold recovery                94.2%           95.0%        -1% 
Average gold grade, g/t       74.9           60.3         +24% 
Average sulphur grade        14.2%           12.7%        +12% 
Total gold produced2,        144.7           108.7        +33% 
Koz 
Kyzyl                         67.2           27.4        +146% 
Albazino                      59.7           66.5         -10% 
Veduga                        14.4           12.8         +12% 
Other                         3.4             2.0         +67% 
 
          Notes: (1) Purchased concentrates which are included in reportable 
           production in the Albazino segment. 
 
  (2) For information only. Already accounted for in production at operating 
           mines. 
 
  Amursk POX achieved the record quarterly throughput and gold production of 
    62 Kt and 145 Koz respectively on the back of larger volumes from Kyzyl. 
 
   The operation copes well with relatively high-carbon incremental material 
from Kyzyl although the introduction of this off-specification feedstock led 
           to a moderate decrease in the recovery y-o-y. 
 
           DUKAT OPERATIONS 
 
                           3 months ended Mar 31,       % change 
                            2020             2019 
 
MINING 
 
Underground                 11.3             15.2         -26% 
development, Km 
Ore mined, Kt               539              603          -11% 
 
PROCESSING 
Omsukchan 
concentrator 
Ore processed, Kt           513              513          +0% 
Grade 
Gold, g/t                   0.5              0.6          -15% 
Silver, g/t                 286              284          +1% 
Recovery1 
Gold                       84.5%            86.2%         -2% 
Silver                     86.0%            87.2%         -1% 
Production 
Gold, Koz                   6.3              7.4          -15% 
Silver, Moz                 3.9              3.9          +0% 
 
Lunnoye plant 
Ore processed, Kt           116              116          +0% 
Grade 
Gold, g/t                   1.5              1.5          +3% 
Silver, g/t                 269              268          +0% 
Recovery1 
Gold                       90.7%            86.2%         +5% 
Silver                     91.4%            90.2%         +1% 
Production 
Gold, Koz                   5.1              4.7          +8% 
Silver, Moz                 0.9              0.9          +1% 
TOTAL PRODUCTION 
Gold, Koz                   11.3             12.1         -6% 
Silver, Moz                 4.8              4.8          +0% 
 
           Note: (1) Technological recovery, includes gold and silver within 
           work-in-progress inventory. 
 
At Dukat, silver production exceeded expectations due to higher than planned 
grade supported by lower underground dilution. As a result, quarterly silver 
   output remained largely unchanged y-o-y despite discontinuation of mining 
           from the relatively high-grade Goltsovoye mine. 
 
           VARVARA 
 
                           3 months ended Mar 31,       % change 
                            2020             2019 
 
MINING 
Waste mined, Mt             10.2             11.2         -9% 
Ore mined, Kt               782              961          -19% 
 
PROCESSING 
Leaching 
Ore processed, Kt           734              752          -2% 
Gold grade, g/t             1.5              1.5          +1% 
Gold recovery1             87.0%            85.3%         +2% 
Gold production (in         34.7             31.4         +10% 
dore), Koz 
 
Flotation 
Ore processed, Kt           129              147          -12% 
Grade 
Gold, g/t                   3.1              1.1         +180% 
Copper                     0.32%            0.57%         -45% 
Recovery1 
Gold                       85.7%            79.3%         +8% 
Copper                     83.6%            91.9%         -9% 
Production 
Gold (in                    8.7              2.6         +234% 
concentrate), Koz 
Copper (in                  0.3              0.7          -55% 
concentrate), Kt 
 
Veduga ore toll              30               33          -8% 
processed, Kt2 
 
Total ore processed,        893              931          -4% 
Kt 
 
TOTAL PRODUCTION 
Gold, Koz                   43.3             34.0         +28% 
Copper, Kt                  0.3              0.7          -55% 
 
           Note: (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, Q1 gold output increased by 28% y-o-y to 43 Koz driven by larger 
           volumes of high-grade third-party ore in the flotation circuit. 
 
     All mining at Varvara is focused on waste for the new TSF construction. 
 
           OMOLON OPERATIONS 
 
                           3 months ended Mar 31,       % change 
                            2020             2019 
 
MINING 
Waste mined, Mt             0.9              1.3          -30% 
Underground                 3.3              3.2          +3% 
development, Km 
Ore mined, Kt               802              648          +24% 
Open-pit                    689              533          +29% 
Underground                 113              115          -2% 
 
PROCESSING 
Kubaka Mill 
Ore processed, Kt           213              220          -3% 
Grade 
Gold, g/t                   6.9              7.9          -13% 
Silver, g/t                  14               22          -39% 
Recovery1 
Gold                       92.1%            94.2%         -2% 
Silver                     83.8%            72.9%         +15% 
Gold production, Koz        41.5             51.5         -19% 
Silver production,          0.1              0.1          -41% 
Moz 
 
Birkachan Heap Leach 
Ore stacked, Kt              -                54         -100% 
Gold grade, g/t              -               1.2         -100% 
Gold production, Koz         -                -            NA 
TOTAL PRODUCTION 
Gold, Koz                   41.5             51.5         -19% 
Silver, Moz                 0.1              0.1          -41% 
 
           Note: (1) Technological recovery, includes gold and silver within 
           work-in-progress inventory. 
 
         At Omolon, gold production declined by 19% to 41 Koz on the back of 
     increased processing volumes of lower-grade open-pit ore from Yolochka. 
     Mining at the deposit is now complete, mining fleet and mining camp are 
   being re-located to Olcha where step-out drilling identified near-surface 
           reserves sufficient for a 6-month mining campaign. 
 
  In March, Polymetal completed sale of Sopka assets including low-grade ore 
     stockpiles from Sopka, Dalneye and Oroch deposits as well as mining and 
        exploration licenses for Sopka, Dalneye, and Irbychan. Mining at the 
           properties ceased in 2018. 
 
In February, the Company started construction of the new dry-stack TSF which 
 is expected to be launched in Q4 2021. The facility has the capacity of 5.9 
           mln m3 which implies 12 years of stacking at 850 Ktpa Kubaka mill 
       throughout. The project CAPEX is estimated at RUB 1.5 billion (US$ 24 
           million at the budget exchange rate). 
 
           MAYSKOYE 
 
                           3 months ended Mar 31,       % change 
                            2020             2019 
MINING 
Waste mined, Mt             1.1              1.2          -9% 
Underground                 5.5              5.5          -1% 
development, km 
Ore mined, Kt               261              218          +20% 
Open-pit                     78               64          +23% 
Underground                 183              155          +18% 
 
PROCESSING 
Ore processed               227              219          +4% 
(sulphide ore), Kt 
Gold grade, g/t             5.7              5.7          +1% 
Gold recovery              91.2%            83.8%         +9% 
Gold in concentrate,        38.2             33.4         +15% 
Koz2 
 
Gold produced in dore       0.3               -            NA 
from concentrate 
(POX), Koz 
Gold produced in dore        -               4.6         -100% 
from carbon, Koz3 
 
Payable gold in              -                -            - 
concentrate shipped 
to off-takers, Koz 
 
TOTAL PRODUCTION 
Gold, Koz                   0.3              4.6          -93% 
 
           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-takers or dore production at Amursk POX. 
 
           (3) Gold produced from carbon at Amursk POX. 
 
  At Mayskoye, gold in concentrate produced increased by 15% y-o-y to 38 Koz 
          due to better recoveries driven by flowsheet improvements (rougher 
           concentrate re-grinding). 
 
           SVETLOYE 
 
                            3 months ended Mar 31,      % change 
                             2020            2019 
 
MINING 
Waste mined, Mt               0.7             0.4         +82% 
Ore mined (open pit),         346             413         -16% 
Kt 
 
PROCESSING 
Ore stacked, Kt               308             184         +67% 
Gold grade, g/t               4.4             4.9         -10% 
Gold recovery                80.8%           80.7%        +0% 
 
TOTAL PRODUCTION 
Gold, Koz                    21.3             9.2        +133% 
 
 At Svetloye, stacking volumes and leach kinetics continued to be positively 
  impacted by warmer winter. This resulted in a 133% y-o-y jump in quarterly 
           gold production to reach 21 Koz. 
 
VORO 
 
                          3 months ended Mar 31,       % change 
                           2020             2019 
 
MINING 
Waste mined, Mt             -               0.4         -100% 
Ore mined, Kt               41              269          -85% 
 
PROCESSING 
Voro CIP 
Ore processed, Kt          269              249          +8% 
Gold grade, g/t            2.2              3.4          -37% 
Gold recovery1            82.1%            87.0%         -6% 
Gold production, Koz       17.8             22.3         -20% 
 
Voro Heap Leach 
Gold production, Koz       2.3              4.8          -52% 
TOTAL PRODUCTION 
Gold, Koz                  20.1             27.0         -26% 
 
     Note: (1) Technological recovery, includes gold within work-in-progress 
           inventory. 
 
  At Voro, open-pit mining was completed in January and the CIP plant turned 
to processing lower-grade stockpiles which resulted in 26% y-o-y decrease in 
           quarterly gold production to 20 Koz. 
 
DEVELOPMENT UPDATE 
 
  At Nezhda, construction and mining activities are progressing on schedule. 
     Construction within the concentrator was focused on the installation of 
         internal walls and structural steel for the equipment installation. 
Installation of apron feeder and flotation cells commenced. The SAG mill and 
   the first two (out of eight) gensets arrived on site. Foundations for the 
           power plant and the boiler house were completed. 
 
    At POX-2, detailed engineering and contracting of auxiliary equipment is 
    ongoing. Autoclave vessel construction completed and the testing program 
initiated. The vessel is expected to arrive in Q3 subject to no interruption 
           due to the COVID-19. 
 
     Polymetal entered into an offtake agreement with Blackham Resources, an 
Australian gold mining company, to purchase refractory gold concentrate from 
          Wiluna mine which will be available for processing at POX-2 during 
           2023-2027. 
 
SUSTAINABILITY, HEALTH AND SAFETY 
 
   In Q1, there were no fatalities neither among Polymetal employees nor the 
  ?ompany's contractors. Our LTIFR stood at 0.07, a 71% decline over 0.15 in 
    Q1 2018. There were two minor work-related incidents recorded across the 
           Group (6 incidents in 2019). 
 
   Safety remains a top priority for Polymetal and the Company reaffirms its 
      commitment to further improvements across health and safety metrics to 
   achieve our zero harm target in relation to our employees, as well as our 
           suppliers and contractors. 
 
PERSONNEL 
 
     Tagir Ibragimov (41) was appointed as Managing Director at Mayskoye. He 
  joined Mayskoye in 2015 as Deputy Chief Engineer for Drilling and Blasting 
 Operations. Most recently he was Head of the Mine and Deputy Chief Engineer 
      for Production. Mr. Ibragimov graduated from Kazakh National Technical 
           University with a degree in mining. 
 
ISIN:          JE00B6T5S470 
Category Code: MSCH 
TIDM:          POLY 
Sequence No.:  59037 
EQS News ID:   1024621 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=988485f06c3ddb121bc36438bab0244c&application_id=1024621&site_id=vwd&application_name=news 
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=fba23058f293f3f9cfdc07655fbfef2c&application_id=1024621&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

April 20, 2020 02:00 ET (06:00 GMT)

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