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Polymetal International PLC - St Petersburg, Russia-based miner - Says revenue for the third quarter of 2022 is down 13% to $714 million from $819 million a year ago, attributable to "inventory accumulation as well as lower metal prices". Gold equivalent production during the period grows by 7.2% to 490,000 ounces from 457,000 ounces. Says revenue for the nine months ended on September 30 amounts to $1.76 billion, down 16% from $2.09 billion a year ago.
Chief Executive Officer Vitaly Nesis says: "In [the third quarter], Polymetal stayed on track to meet our full-year guidance of 1.7 million ounces of gold equivalent. The company has successfully completed the restructuring of its sales channels and started to unwind accumulated inventory. We expect strong positive free cash flows in [the fourth quarter]".
Polymetal backs 2022 full-year production guidance of 1.7 million ounces of gold equivalent. Says initial guidance for 2023 and 2024 sees stable production of 1.7 million ounces per year, which is "contingent on supply chain risks".
Current stock price: 213.46 pence
12-month change: down 84%
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