StockMarketWire.com - Polymetal International booked a 45% jump in first-half profit after higher gold production and selling prices offset weaker silver output.

Net earnings for the six months through June rose to $175m, as revenue rose 16% to $789m.

Gold sales were 445k ounces, up 17% year-on-year, while silver sales were down 2% to 12.1m ounces.

Average realised prices largely tracked market dynamics, with gold up 6% year-on-year, while silver was down 4%, the company said.

Polymetal declared an interim dividend of 17c per share, up from 14c on-year.

The company said it remained on track to meet its 2018 production guidance of 1.55 Moz of gold equivalent.

'I am delighted to report strong earnings on the back of solid operational delivery in the first half of the year,' chief executive Vitaly Nesis said.

'We expect stronger production and free cash flow generation for the second half and remain focused on steadily progressing our further growth pipeline, including full ramp-up of Kyzyl, while generating meaningful dividends to our shareholders.'




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