LSE: 1,373.50 -2.48% MOEX: 1,374.20 -1.78% AIX: 18.42 -4.16% GOLD: $ 1,816.05 -2.42% Поиск RU Main page Investors and Media Reports and results Latest results LATEST RESULTS Financial results Operating results Q3 2021 Choose another period Q3 2021 PRODUCTION RESULTS Start of production at Nezhda capped a solid Q3 performance. Polymetal’s portfolio of mines delivered results in line with the budget with the company firmly on track to meet its full-year production guidance, Vitaly Nesis, Group CEO of Polymetal. 437 -8% Q3 2021 production, Koz of GE 0 -100% LTIFR 1.5 Full-year production guidance, Moz HIGHLIGHTS There have been no fatal accidents during the first nine months of 2021 among Polymetal’s workforce (similar to 9M 2020). As reported previously, on July 18 a drilling contractor lost his life at the Saum open-pit mine. Accident response details can be found in the Health & Safety section of this announcement. There were no lost-time injuries in Q3. Q3 gold equivalent (“GE”) production decreased by 8% y-o-y to 437 Koz as results reverted to the mean from the all-time quarterly production record set in Q3 2020. GE output for nine months was down by 4% to 1,151 Koz driven by planned grade declines at Kyzyl, Svetloye and Voro. Russia is going through the fourth wave of the COVID pandemic with multiple daily highs set recently for both new cases and deaths. At Polymetal, the number of active cases rose to 72 as of the date of this press release. The epidemiological situation remains under control with operations and projects continuing undisrupted despite several localised outbreaks. COVID-related transportation restrictions at railway and seaports in China persist. However, the Company successfully shortened concentrate transit times by switching from bulk (boxcar) to container shipping. The lag between sales and production as well as excess working capital decreased significantly and are expected to be eliminated by the year-end. Revenue for the quarter declined by 7% y-o-y to US$ 819 million driven by lower gold and silver prices. 9M revenue reached US$ 2,093 million, up 4% y-o-y. Net debt marginally increased for the quarter to US$ 1.90 billion as the Company generated substantial free cash flows and paid an interim dividend of US$ 0.2 billion (45 cents per share). Nezhda produced first concentrate on October 16, two weeks ahead of the previously announced target date (November 1st). The Company expects to reach the plant’s nameplate capacity and full design recovery by April 2022. POX-2 construction is progressing on schedule. All heavy equipment arrived on site and has been installed. In October, Polymetal received an ESG Risk Rating of 15.91 and was assessed by Sustainalytics to be at low risk of experiencing material financial impact from ESG factors. This is an improvement from the prior year rating of 20.3 (medium risk). Polymetal is now ranked by Sustainalytics within top 3 precious metals companies globally. The Company is on track to meet its full-year 2021 production guidance of 1,500 GE Koz. TCC and AISC guidance of US$ 700-750/GE oz and US$ 925-975/GE oz respectively is maintained. The cost guidance remains contingent on the RUB/USD and KZT/USD exchange rates. Polymetal will host its Analyst & Investor Day on November 8 in the format of a video webcast and conference call. The management will provide updates on mid-term production and CAPEX guidance as well as on the key development projects. PRODUCTION RESULTS Q3 2021 Q3 2020 change1, % Waste mined, Mt 54.1 43.8 +24% Underground development, km 24.2 21.0 +15% Ore mined, Mt 4.1 4.0 +1% Open-pit 3.1 2.9 +5% Underground 1.0 1.1 -10% Ore processed, Mt 4.1 4.0 +3% Average grade in ore processed, g/t 3.4 3.8 -11% Production Gold, Koz 399 438 -9% Silver, Moz 4.5 4.6 -3% Gold equivalent, Koz2 437 477 -8% Sales Gold, Koz 406 410 -1% Silver, Moz 4.6 4.2 +10% Revenue, US$m3 819 884 +10% Net debt, US$m4 1,897 1,827 +4% Safety LTIFR5 0 0.15 -100% Fatalities 0 0 NA Notes: (1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all tables in this release. (2) Based on 120:1 Au/Ag conversion ratio (prior to Q2 2020, Polymetal used 80:1 Au/Ag ratio) and excluding base metals (previously were included). Historical comparative data restated accordingly. (3) Calculated based on the unaudited consolidated management accounts. (4) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 30 June 2020 (for the three months period) and 31 December 2019 (for the nine months period). (5) LTIFR = lost time injury frequency rate per 200,000 hours worked. PRODUCTION BY MINE Q3 2021 Q3 2020 change, % GOLD EQ. (KOZ)1 Kyzyl 91 102 -10% Albazino 67 65 +3% Varvara 47 46 +2% Dukat 44 48 -8% Omolon 60 65 -8% Svetloye 31 39 -22% Voro 22 35 -36% Mayskoye 75 77 -3% TOTAL 437 477 -8% Notes: (1) Based on 120:1 Au/Ag conversion ratio (prior to Q2 2020, Polymetal used 80:1 Au/Ag ratio) and excluding base metals (previously were included). Historical comparative data restated accordingly. Related materials PRESS-RELEASE, FULL VERSION (pdf, 453.15 Kb) WEBCAST Contacts Investor Relations Contacts Tel.+44.20.7887.1475 Evgeny Monakhov Tel. +7.812.313.5964 Kirill Kuznetsov ir@polymetalinternational.com Media Contacts Tel. +44.20.3727.1000 Leonid Fink Viktor Pomichal © 2021 Polymetal International plc DOCUMENTS Privacy notice PDF (156.13 Kb) Modern Slavery Act Transparency Statement 2020 PDF (427.04 Kb) USEFUL LINKS Glossary Sitemap COVID-19 STAY TUNED Contacts Hotline Please note that https://www.polymetalinternational.com/ and https://www.polymetal.ru/ (auto-redirecting to https://www.polymetalinternational.com/ru/) are the two only official URLs of Polymetal International plc. Other websites even if they resemble the official ones and/or contain full or a part of the Company’s name in their URL do not relate to Polymetal International plc or its subsidiaries. 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