StockMarketWire.com - Precious metal miner PolyMetal International reported a 6% year-on-year rise in second-quarter revenue after higher metal prices helped offset a fall in output.

Revenue for the three months through June increased to $681 million, helping first-half revenue to rise 12% year-on-year to $1.27 billion.

Gold-equivalent production fell 6% 339,000 ounces due to planned grade declines at the Kyzyl and Albazino mines.

Polymetal confirmed its 2021 production guidance of 1.5 million gold-equivalent ounces and maintained its full-year cost guidance.

Construction and development activities at the Nezhda and POX-2 projects progressed on schedule 'amid continued tightness in the construction contractor market and Covid-related cross-border travel restrictions'.

Nezhda had achieved mechanical completion of key equipment and the project was on track to produce first concentrate in early November, in line with its schedule.

"In the second quarter, Polymetal delivered steady results,' chief executive Vitaly Nesis said.

'All producing mines made budget targets while mechanical completion and start of commissioning at Nezhda represented a key development milestone.'


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