- Precious metals miner Polymetal International said its annual profit more than doubled to a record after it cashed in on a surge in gold prices.

The company hiked its annual dividend 57% as its net earnings for the year through December jumped to $1.09 billion, up from $483 million year-on-year.

Gold rallied during the pandemic because it is widely considered to be a safe-haven investment.

Polymetal's revenue jumped 28% to $2.87 billion after average realised gold and silver prices tracked market dynamics and increased by 27% for both metals.

The company's gold sales volumes rose 2% to 1.39 million ounces, while silver sales were fell 13% to 19.3 million ounces.

Polymetal declared a full-year dividend of $1.29c per share, up 57% year-on-year.

'We are pleased to report record net earnings for the year amidst a challenging global backdrop,' chief executive Vitaly Nesis said.

'A strong operating performance, a favourable commodity price environment and stable cost performance underpinned a significant increase in the group's cash flow and dividends whilst achieving a material reduction in leverage.'

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