Polymetal’s Q1 Gold Output Up 24% to 3.14 T

Russian gold and silver miner Polymetal increased its gold output 24 percent in the first quarter of 2012 to 101,000 ounces or 3.14 tons year-on-year, the company said in a statement on Monday.

Silver output skyrocketed 74 percent in January-March 2012 to 5.7 million ounces or 177,300 tons. Copper production increased 11 percent in the first quarter of this year to 1,555 tons.

Polymetal’s gold sales increased 13 percent to 105,000 ounces, silver sales soared 99 percent to 5.9 million ounces, while copper sales amounted to 1,884 tons.

Polymetal will announce its financial results for 2011 on April 25.

The company owns gold and silver mines and carries out exploration activities in the Magadan Region, the Chukotka Autonomous Region and the Khabarovsk Territory in Russia’s Far East as well as in the Sverdlovsk Region in the Urals and in Kazakhstan.


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