StockMarketWire.com - Mining company Polymetal International hiked its dividend after its first-half earnings more than doubled on the back of higher gold and silver prices.

The company declared a dividend for the six months through July of 40c per share, up from 20c on-year.

Net income jumped to $381m, up from $153m on-year, as revenue rose 21% to $1.14bn.

Gold prices have surged during the pandemic because the asset is seen as a safe-haven investment.

Polymetal said it realized an average gold price during the period of $1,661 an ounce, up 25% on-year. It also realized a 10% higher average sliver price.

Gold equivalent production rose 4% to 723k ounces.

'We are pleased to report a strong financial performance in the first half of the year amidst a challenging global backdrop,' chief executive Vitaly Nesis said.

'Favourable commodity prices and our tight cost control, as well as the impact of foreign exchange and improved grades, drove a significant increase in the group's earnings, cash flow and dividends.'

'Importantly, we've been able to minimise the impact of the Covid-19 pandemic on our people, communities, and operations. Our key development projects continue to progress on schedule.'




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