StockMarketWire.com - Mining company Polymetal International posted a 36% rise in annual profit and hiked its dividend 71% after it benefited from higher gold and silver prices.

Net earnings for the year through December increased to $483m, up from $355m on-year.

Revenue rose 19% to $2.25bn amid a 13% and 11% rise in average realised gold and sliver prices, respectively.

The company raised its dividend for the full year to 82c per share, up from 48c on year.

Polymetal International reiterated its current production guidance of 1.6m ounces of gold equivalent for each of the 2020 and 2021 financial years.

Traditionally, production in both years would be weighted towards to the second half due to seasonality, it added.

'We are pleased to report record earnings and solid free cash flow for the year underpinned by a robust operating performance and strong commodity prices,' chief executive Vitaly Nesis said.

'We have also advanced our key strategic projects, reduced net debt and paid substantial dividends.'



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