A great value in gold and a silver fort allowed Polymetal’s effects to shine in the first six months of the monetary year.
The miner, which mines valuable metals in Russia and Kazakhstan, said the gold it sold in the first part of the year yielded 25% more on average than at the same time last year.
Silver jumped 10%.
As a result, sales increased with confidence over six months, 21% more than $1.1 billion (864 million pounds).
“We are pleased to announce monetary functionality in the first part of the year in a challenging global environment,” said Executive Chairman Vitaly Nesis.
“Favorable commodity charges and our strict charge control, as well as the effect on exchange rates and progressive ratings, have resulted in a significant accumulation of the Group’s earnings, money flows and dividends.”
The Russian ruble and Kazakh tenge have been low in recent months, meaning that costs, which are basically paid in any of the currencies, have fallen by 4% when switched to dollars.
The company stated that there had been no “significant” outbreaks of Covid-19 in its operations and that most of those who had become ill were absent from the mine at the time.
However, at one olcha site, a third of the 164 workers tested positive and the mine will remain closed for two weeks in August.
“The most important thing is that we have been able to minimize the effect of the Covid-19 pandemic on our people, communities and operations. Our major progression projects continue to progress on time,” Nesis said.