Polyus Gold shows good results

Polyus Gold, the largest Russian gold producer, has published its financial results under IAS in the first six months of 2015.

The company managed to achieve strong operating performances, increase the production of refined gold by 5% to 783 thousand ounces, which was caused by rising levels of extraction and processing volumes at the Olympiada deposit, as well as the successful work with the over-fulfillment of the plan at the Titimukhta and Verninskoye deposits. The latter has reached its designed recovery rate of 86%. Such growth of the production rates had a positive impact on sales, which were quite a bit less than 800 thousand ounces that is by 6% more than in the same period of 2014. Thus, the increase in the sales volume provoked though slight, but the growth of the revenue - by 1%, to $1.019 billion. At the same time, the constraint here was the reduction of the average sale gold price (- 4%).