POLY.L - Polymetal International Plc

LSE - LSE Delayed price. Currency in GBp
1,344.00
+38.50 (+2.95%)
At close: 4:35PM GMT
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Previous close1,305.50
Open1,329.50
Bid1,346.00 x 0
Ask1,346.50 x 0
Day's range1,326.00 - 1,350.50
52-week range763.80 - 1,350.50
Volume1,802,426
Avg. volume1,410,219
Market cap6.32B
Beta (5Y monthly)-0.29
PE ratio (TTM)18.80
EPS (TTM)71.50
Earnings date04 Mar 2020
Forward dividend & yield0.32 (2.48%)
Ex-dividend date13 Feb 2020
1y target est10.89
  • EQS Group

    Polymetal: Exchange rates for special dividend payment

    Polymetal International plc (POLY) 19-Feb-2020 / 16:10 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release timeIMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date19 February 2020 Polymetal International plcExchange rates for special dividend paymentPolymetal announces that for the payment of the special dividend of US$ 0.20 per ordinary share for the year ended 31 December 2019, the following exchange rates will be used: GBP/USD = 1.29948 EUR/USD = 1.08180 About Polymetal Polymetal International plc (LSE, MOEX, AIX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEvgeny MonakhovTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1475 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 Forward-looking statementsThis release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. * * * ISIN: JE00B6T5S470 Category Code: MSCM TIDM: POLY Sequence No.: 47763 EQS News ID: 979135 End of Announcement EQS News Service

  • Gold Diggers Resist the Rally’s Lure
    Bloomberg

    Gold Diggers Resist the Rally’s Lure

    (Bloomberg Opinion) -- Bullion prices are at their highest in seven years, closing in on $1,600 an ounce. Gold held by exchange-traded funds is at all-time records and rising, thanks to worries over the economic damage inflicted by the coronavirus outbreak. Reserves, meanwhile, are depleting. It’s a heady mixture for miners, but perhaps not yet an intoxicating one.Take Polyus PJSC, Russia’s largest gold digger. The $17 billion company said last week that it would pay down debt before beginning to spend seriously on its $2.5 billion Sukhoi Log project, set to add 1.6 million ounces a year to supply. That’s quite a statement. This is one of the world’s lowest-cost producers, generating plenty of cash, holding one of most impressive untapped resources globally, at a time of rising prices. The mine promises significant extra output for a company that aims to produce 2.8 million ounces this year.  Even so, Polyus is resisting the urge to fast-track, with a roughly two-year  “transitional period” of planning before it begins in 2023.Granted, there are circumstances peculiar to Polyus that suggest conservative timing and financing is necessary. The miner is controlled by the son of Suleiman Kerimov, one of a handful of tycoons included in Washington’s 2018 sanctions list. A planned $900 million equity sale to Chinese conglomerate Fosun Group fell apart earlier that year, too. The project itself, meanwhile, is vast, and deep inside Russia, hardly a popular jurisdiction with foreign mining investors.Polyus’s conservative approach is noteworthy, nonetheless. This is an industry that has in general become far more cautious with big-bang projects after a string of boom-time efforts a decade ago, begun in haste and regretted at leisure. Barrick Gold Corp.’s Pascua Lama in South America started in 2000 as a $1.2 billion project; by the time it was shelved in 2013, the estimated cost had soared to $8.5 billion. Polyus learned its own lessons at its Natalka mine. It was trapped by falling prices in 2013 and construction eventually paused, before resuming in 2016. Certainly Sukhoi Log, first studied by Soviet geologists in the 1970s, comes with history and plenty of challenges. The size, at some 63 million ounces and as much of a quarter of Russia’s gold reserves, means it is the largest project on the industry’s horizon, by some way. For Polyus, it adds the equivalent of the annual output of its nearest rival, Polymetal International Plc. That gargantuan scale that leaves plenty of room for costs to spill over. There is processing to resolve, all on site, and transport logistics will be complex given the mine’s location. When I visited in 2012, the airport in the nearest settlement closed if it rained.But the geology isn’t unfamiliar to Polyus, already operating nearby. It will use conventional processing. And the miner’s overall expenses are low by global standards. Its all-in sustaining cost was $594 per ounce in 2019, against Barrick’s $894. That’s a substantial margin even if bullion prices sink to the $1,050 used in Polyus’s Sukhoi Log calculations. It’s all a far cry from the mood of the 2000s bull run, when gold shot up to $1,900 an ounce from $300 in just over a decade, and miners raced behind. The resulting value destruction was immense: Billions were spent on terrible projects and worse companies. A full 80% of the transaction value of the eight largest deals between 2001 and 2011 was impaired, according to a McKinsey & Co. study published last year. The industry’s return on capital between 2010 and 2016 was a pathetic 2.6%.With the gold price trending higher after a couple of years around $1,200 to $1,300, deals have come back, and cashflows are helping exploration budgets rise. It’s notable that M&A discussions are beginning to build in prices closer to $1,500 than the $1,200 or so of recent years. It’s exuberance that hasn’t quite fed through to mega projects.Polyus’s muddy knoll in bleak eastern Siberia has enough gold beneath it to rival behemoths like Grasberg, in Indonesia. As prices climb and buccaneering projects like Newcrest Mining Ltd. and Harmony Gold Mining Co.’s Wafi-Golpu in Papua New Guinea are  back in discussion, the question is whether Polyus sets a trend, or becomes the judicious exception. To contact the author of this story: Clara Ferreira Marques at cferreirama@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • EQS Group

    Polymetal: Ore Reserves increase at Kutyn

    Polymetal International plc (POLY) 12-Feb-2020 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release timeIMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date12 February 2020 Polymetal International plcOre Reserves increase at KutynPolymetal is pleased to announce a twofold increase in Ore Reserves at the Kutyn gold project to 0.8 Moz of gold in accordance with the JORC Code (2012). * The updated JORC-compliant open-pit Ore Reserves estimate as at 1 October 2019 comprises 8.4 Mt of ore with an average grade of 3.0 g/t containing 812 Koz of gold. This represents a 110% increase in gold contained in comparison with the previous reserve estimate prepared in 2015[1]. * The growth of reserves is attributable to the updated geological model based on 32.3 km of drilling (440 diamond drill holes) and 180 thousand m3 of trenching conducted in 2017-2019. * The reserves represent only oxidised material suitable for heap leaching (average recovery based on extensive geometallurgical work is 70.7%). Life-of-mine stripping ratio is 8.1 t/t. * The reserve assessment is based on a 1.3 Mt per year heap leach facility. The flowsheet envisions two-stage crushing to -40 mm, stacking by truck and the Merrill-Crowe process to recover gold. Annual average production is estimated to be approximately 80 Koz of gold. * Mineral Resources of Kutyn (additional to Ore Reserves) amount to 6.6 Mt of ore for open-pit and underground mining with an average grade of 3.7 g/t representing 785 Koz of gold contained. * 2020 work plan at Kutyn includes 13 km of exploration drilling to continue resource-to-reserve conversion as well as the commencement of statutory permitting and the establishment of a permanent access road from the sea access point."The new reserve estimate significantly enhances the value of Kutyn for a potential acquirer or partner", said Vitaly Nesis, Group CEO of Polymetal. "We continue to evaluate various strategic options and plan to announce a transaction in 2H 2020".Ore Reserves (Proved + Probable) changesCategory01.01.201501.10.2019Change, % Tonnage, Mt3.78.4+130% Au grade, g/t3.33.0-9% Au content, Koz386812+110% ORE RESERVE AND MINERAL RESOURCE STATAMENT[2]Kutyn Open Pit Ore ReservesOre Reserves Tonnage,Gold grade, Gold content, Mtg/tKoz Proved1.93.5211 Probable6.52.9601 Total Proved+Probable8.43.0812 Kutyn Mineral ResourcesMineral ResourcesTonnage,Gold grade, Gold content, Mtg/tKoz Measured Open-pit0.04.51 Underground 0.64.376 Total Measured0.64.377 Indicated Open-pit1.03.2102 Underground 2.04.5295 Total Indicated3.04.1396 Measured + Indicated Open-pit1.03.2103 Underground 2.64.5370 Total Measured + Indicated3.64.1473 Inferred Open-pit2.52.9228 Underground0.64.384 Total Inferred3.13.2312 Measured \+ Indicated + Inferred Open-pit3.53.0330 Underground3.24.4454 Total Indicated + Inferred6.63.7785 Note: Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding. ABOUT KUTYNKutyn deposit is located in the Khabarovsk Territory, Far East Russia, 114 km north-west of the Albazino mine operated by Polymetal and 10 km from the Sea of Okhotsk. The license area covers 120 square kilometres. The Kutyn site can be accessed using a winter road and by sea through the deep-water Gulf of Ulban from July through October.Polymetal acquired the deposit in 2011\. During the extensive exploration campaign from 2012 through 2014, the Company completed a total of 31.8 km drilling and 245 thousand m3 of trenching with the focus on near-surface heap leachable mineralisation including the extensions of known ore bodies. In September 2014, following the acquisition of the Kyzyl project, Polymetal announced the decision to postpone development of the Kutyn project and suspended further exploration activities. The asset was marked for sale/JV due to relatively small size in terms of the Company's target portfolio and focus on Kyzyl and other larger projects. The exploration campaign was recommenced in 2017.To date, 10 zones of mineralisation have been identified extending for up to 2 km along strike. The zones of mineralisation are represented by several subparallel lenses with the average ore body thickness of 4 m.Competent personsThis estimate was prepared by employees of JSC Polymetal Management Company, Khabarovsk Branch of JSC Polymetal Management Company and JSC Polymetal Engineering, led by Mr. Vladimir Makhinya. Mr. Makhinya is employed full-time as the Deputy Director for Mineral Resources, Khabarovsk Branch of Polymetal Management Company, and has more than 30 years' experience in gold, silver and polymetallic mining. Being a Member of the Institute of Materials, Minerals & Mining (MIMMM), London, he is a Competent Person under the JORC Code. Listed below are other Competent Persons employed by the Company and its subsidiaries that are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based: * Mining and Ore Reserves: Open Pit - Anton Ignatov, Chief Specialist for Open-pit Mining, Technical Department, Polymetal Management Company, MIMMM, with 17 years' relevant experience; * Concentration and Metals - Andrey Galyutin, Chief Metallurgist, Khabarovsk Branch of Polymetal Management Company, MIMMM, with 20 years' relevant experience.All the above-mentioned Competent Persons have sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code).All Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. About Polymetal Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEvgeny MonakhovTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1475 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 Forward-looking statementsThis release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. * * *[1] The previous Kutyn Ore Reserves and Mineral Reserves estimate was prepared as at 01 January 2015\. The Ore Reserves and Mineral Resources audit was completed by Snowden Mining Industry Consultants for the open pit and the audit of Mineral Resources completed by CSA Global Pty Ltd ("CSA Global") for the underground.[2] The Ore Reserves and Mineral Resources estimate is reported in accordance with the JORC Code (2012) as at 1 October 2019 using a gold price of US$ 1,300/oz and was prepared by Polymetal. The cut-off grade is 0.5 g/t recoverable gold (by heap leach). The general cut-off grade at the real recovery rates for the entire Kutyn project was not calculated. The pits were optimised on the basis of total value for each of the blocks generated. * * * ISIN: JE00B6T5S470 Category Code: MSCM TIDM: POLY Sequence No.: 46175 EQS News ID: 972847 End of Announcement EQS News Service

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  • EQS Group

    Polymetal: Issuance of new shares

    Polymetal International plc (POLY) 05-Feb-2020 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release timeIMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date05 February 2020 Polymetal International plcIssuance of new sharesPolymetal International plc discloses the following information regarding certain of its share plans.In accordance with the terms of the Company's Long-term Incentive Plan ("LTIP"), 41,999 ordinary shares of the Company with no par value were issued to certain individuals, none of which are either directors or PDMRs. Further information on the LTIP can be found in the Company's Annual Report and Accounts available on the Company's website at www.polymetalinternational.com Applications have been submitted to the London Stock Exchange and UKLA on the official list and shares are expected to be admitted to trading on the London Stock Exchange on 07 February 2020. Following admission, the total issued share capital of the Company will comprise 470,230,200 ordinary shares of no par value, each carrying one vote.About Polymetal Polymetal International plc (LSE, MOEX, AIX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEvgeny MonakhovTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1475 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 FORWARD-LOOKING STATEMENTS THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED. * * * ISIN: JE00B6T5S470 Category Code: MSCM TIDM: POLY Sequence No.: 44677 EQS News ID: 967995 End of Announcement EQS News Service

  • EQS Group

    Polymetal: Board Committee Changes

    Polymetal International plc (POLY) 31-Jan-2020 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release timeIMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date31 January 2020 Polymetal International plcBoard Committee ChangesPolymetal announces changes in Committees approved by the Board of Directors on 30 January 2020.Following completion of the Board Chair succession process, Ian Cockerill replaced Ollie Oliveira as the Chair of Nomination Committee. Mr Cockerill also joined Safety and Sustainability Committee to strengthen the emphasis Polymetal puts on its safety and sustainability efforts. Tracey Kerr stepped down from the Nomination Committee and joined the Remuneration Committee. Victor Flores joined the Audit and Risk Committee.The new composition of the Board Committees is the following: * The Audit and Risk Committee: Giacomo Baizini (Chair), Christine Coignard, Ollie Oliveira, Victor Flores * The Remuneration Committee: Christine Coignard (Chair), Giacomo Baizini, Ollie Oliveira, Italia Boninelli, Tracey Kerr * The Nomination Committee: Ian Cockerill (Chair), Ollie Oliveira, Giacomo Baizini * The Safety and Sustainability Committee: Tracey Kerr (Chair), Jean-Pascal Duvieusart, Vitaly Nesis, Ian Cockerill.This announcement satisfies the Company's disclosure obligations in accordance with Listing Rule 9.6.11R.About Polymetal Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEvgeny MonakhovTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1475 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 Forward-looking statementsThis release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. * * * ISIN: JE00B6T5S470 Category Code: MSCM TIDM: POLY Sequence No.: 43634 EQS News ID: 964521 End of Announcement EQS News Service

  • EQS Group

    Polymetal: Board approves special dividend of US$ 0.20 per share

    Polymetal International plc (POLY) 31-Jan-2020 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release timeIMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date31 January 2020 Polymetal International plcBoard approves special dividend of US$ 0.20 per sharePolymetal is pleased to announce that on 30 January 2020 the Board of Directors of the Company approved a special dividend of US$ 0.20 per share for the year ended 31 December 2019. Dividend declarationIn accordance with the Company's dividend policy, the Directors of Polymetal, having considered the Group's performance in 2019, including available free cash flows and debt levels as well as macroeconomic outlook and future investment requirements, have resolved to pay a special dividend of US$ 0.20 per ordinary share, representing approximately US$ 94 million in aggregate.The special dividend will be paid on 5 March 2020 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling or euro. Such an election should be made no later than 17 February 2020. Payments in pounds sterling and euro will be based on the USD/GBP and USD/EUR exchange rates determined by the Company on 19 February 2020 and announced immediately thereafter. DetailsEX DIV DATE: 13 February 2020RECORD DATE: 14 February 2020LAST DATE FOR CURRENCY ELECTION: 17 February 2020PAYMENT DATE: 05 March 2020The Company's issued share capital comprises 470,188,201 ordinary shares."Significant free cash flow generated by Polymetal in 2019 underpins the payment of a special dividend, while ensuring that our leverage ratio remains at our target 1.5x Net Debt/EBITDA level. This decision supports our commitment to deliver meaningful and sustainable cash returns to our shareholders", said Vitaly Nesis, Group CEO. Regular dividend policyThe Company's dividend policy remains unchanged. The target payout ratio is 50% of underlying net earnings for the period on a semi-annual basis provided that Net debt / adjusted EBITDA is below 2.5x. The Board considers the potential for a special dividend on an annual basis. The special dividend decision is based, among other factors, on available free cash flow (post regular dividends), forward-looking financial projections, market outlook, and other relevant factors.The amount of the final dividend for the full year 2019 will be reviewed by the Board in March and recommended to shareholders for their approval at the Annual General Meeting in April 2020. About Polymetal Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEvgeny MonakhovTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1475 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 Forward-looking statementsThis release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. * * * ISIN: JE00B6T5S470 Category Code: DIV TIDM: POLY Sequence No.: 43633 EQS News ID: 964523 End of Announcement EQS News Service

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  • EQS Group

    Polymetal: Q4 and full year 2019 production results

    Polymetal International plc (POLY) 23-Jan-2020 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date23 January 2020 Polymetal International plc Q4 and full year 2019 production results Polymetal International plc reports strong production results for the fourth quarter and twelve months ended December 31, 2019. "A strong Q4 allowed Polymetal to exceed both original and updated guidance for the eighth year in a row. Robust production and positive gold price dynamics drove strong free cash flow generation", said Vitaly Nesis, Group CEO of Polymetal. "Stable operating performance should ensure steady and significant dividend flow while planned progress with execution of Nezhda and POX-2 projects will enable us to resume production growth in 2022".HIGHLIGHTS * The Company's FY2019 gold equivalent ("GE") production amounted to 1,614 Koz, an increase of 3% over 2018 and 4% above the original production guidance of 1.55 Moz. A strong contribution from Kyzyl more than compensated for disposals against the backdrop of stable results from the rest of the portfolio. Production from continuing operations grew by 14% year-on-year to 1,609 Koz GE. * Safety performance in 2019 deteriorated both in terms of frequency of lost-time injuries and the number of fatalities. Management expects the Board to consider and approve significant safety-related changes to the remuneration structure for all levels of the Company management together with a comprehensive action plan focused on impacting the behavior and attitudes of the employees. Our goal remains zero fatalities. * Q4 GE output was 383 Koz, 15% below Q4 2018 production from continuing operations, mainly as a result of limited throughput at the POX plant in the reporting quarter due to scheduled downtime which was part of the POX-2 project activities. * Gold production for the full year was up 8% while silver output contracted by 15% on the back of asset disposals and planned grade decline at Dukat. * Full-year revenue jumped by 19% to reach US$ 2.2 billion on the back of higher volumes and metal prices. Q4 revenue increased by 1% to US$ 643 million as lower volumes were offset by increasing prices. * The Company expects full-year costs to be close to the top of the range of its cost guidance of US$ 600-650/GE oz for Total Cash Costs ("TCC") and US$ 800-850/GE oz for All-in Sustaining Cash Costs ("AISC"). The main factors driving this guidance are: stronger Rouble, higher royalties driven by higher metal prices, and higher domestic diesel prices. * In Q4, Polymetal generated strong free cash flow resulting in Net Debt reduction to US$ 1.48 billion as at the end of 2019. The Company expects Net Debt/EBITDA ratio to be lower than the target level of 1.5x.2020 OUTLOOK * The Company reiterates its current production guidance of 1.6 Moz of GE for each of FY2020 and 2021. * TCC in 2020 is expected to be in the range of US$ 650-700/GE oz while AISC is expected to average US$ 850-900/GE oz. The expected increase over 2019 cost levels is driven by the current appreciation of the Russian rouble and increased domestic diesel fuel price, as well as increased royalties on the back of continued strong gold and silver price performance. The guidance remains contingent on the Rouble/Dollar exchange rate and Brent oil price. * Capital expenditures in 2020 are expected to be approximately US$ 475 million. The US$ 50 million increase compared to the previous estimate is driven by accelerated pre-stripping at Nezhda, several environmentally driven investments, as well as stronger Rouble. 3 months ended Dec 311,% change212 months ended Dec 311,% change2 2019201820192018 Waste mined, Mt39.732.2+23%158.6126.7+25% Underground development, km25.633.2-23%105.8130.0-19% Ore mined, Mt4.23.8+11%17.214.0+23% Open-pit3.12.6+19%13.09.3+40% Underground1.11.1-6%4.24.7-10% Ore processed, Mt3.53.7-6%15.015.2-1% Production Gold, Koz312414-25%1,3161,216+8% Silver, Moz5.25.9-11%21.625.3-15% Copper, Kt0.51.3-66%2.53.9-37% Gold equivalent, Koz3383497-23%1,6141,562+3% Sales Gold, Koz374432-13%1,3661,198+14% Silver, Moz5.78.3-31%22.125.7-14% Copper, Kt0.81.4-42%2.83.3-15% Revenue, US$m4643 634 +1%2,245 1,882 +19% Net debt, US$m51,4791,702 -13%1,4791,518 -3% Safety LTIFR60.180NA0.190.09+111% Fatalities00NA21+100% Notes: (1) Including discontinued operations. (2) % 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. (3) Based on 1:80 Ag/Au, 5:1 Cu/Au, 2:1 Pb/Au and 2:1 Zn/Au conversion ratios. (4) Calculated based on the unaudited consolidated management accounts.(5) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 30 September 2019 (for the three months period) and 31 December 2018 (for the twelve months period). (6) LTIFR = lost time injury frequency rate per 200,000 hours worked. PRODUCTION BY MINE 3 months ended Dec 31,% change12 months ended Dec 31,%change 2019201820192018 GOLD EQ. (KOZ)1 Kyzyl9086+4%34396257% Dukat7075-7%302306-1% Albazino-Amursk3067-55%241308-22% Omolon5758-3%2051955% Varvara3539-9%1491425% Mayskoye5270-25%12911710% Svetloye272314%134136-1% Voro2229-23%107107-1% TOTAL (continuing operations)383448-15%1,6091,407+14% Okhotsk-35NA-104NA Kapan-13NA551-90% TOTAL (including discontinued operations)383497-23%1,6141,562+3% Notes: (1) Based on 1:80 Ag/Au, 5:1 Cu/Au and 2:1 Zn/Au conversion ratios.CONFERENCE CALL AND WEBCASTThe company will hold a conference call and webcast on Thursday, 23 January 2020 at 11:00 London time (14:00 Moscow time).To participate in the call, please dial:From the UK:+44 330 336 9411 (local access)0800 279 7204 (toll free)From the US:+1 929 477 0324 (local access) 800 458 4121 (toll free)From Russia:+7 495 646 9190 (local access)8 10 8002 867 5011 (toll free)To participate from other countries, please dial any of the local access numbers listed above.Conference code: 9191693To participate in the webcast follow the link: https://webcasts.eqs.com/polymetal20200123. Please be prepared to introduce yourself to the moderator or register.A recording of the call will be available immediately after the call at +44 20 7660 0134 (from the UK), +1 719 457 0820 (from the USA) and 8 10 8002 702 1012 (from Russia), access code 9191693, from 17:30 Moscow time Thursday, 23 January, till 17:30 Moscow time Thursday, 30 January, 2020. Webcast replay will be available on Polymetal's website (www.polymetalinternational.com) and at https://webcasts.eqs.com/polymetal20200123.About Polymetal Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is the top-20 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEvgeny MonakhovTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1475 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 Forward-looking statementsThis release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. KYZYL 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt17.616.1+9%67.560.9+11% Ore mined (open-pit), Kt440416+6%2,0001,249+60% Gold grade, g/t 7.45.5+33% PROCESSING Ore processed, Kt510478+7%2,000914+119% Gold grade, g/t7.66.6+16%7.15.7+26% Gold recovery88.0%85.5%+3%87.8%81.5%+8% Concentrate produced, Kt3534+3%12556+124% Concentrate gold grade, g/t98.679.4+24%100.874.8+35% Gold in concentrate, Koz1110.386.4+28%403.6133.6+202% Concentrate shipped, Kt13.540.0-66%67.645.4+49% Payable gold shipped, Koz28.079.3-65%155.089.3+74% Amursk POX Concentrate processed, Kt162NM522NM Gold grade, g/t134.1127.0+6%128.1127.0+1% Gold recovery91.4%95.5%-4%92.4%95.5%-3% Gold produced, Koz62.07.0NM188.47.0NM TOTAL PRODUCTION Gold, Koz90.086.3+4%343.596.3+257% Note: (1) For information only; not considered as gold produced and therefore not reflected in the table representing total production. It will be included in total production upon shipment to off-taker or dore production at Amursk POX.In Q4 and FY2019, Kyzyl outperformed budget on throughput, grade and production. Management expects the average grade to decrease to open-pit reserve average in 2020 as the mining will shift to deeper levels with more uniform distribution of gold in ore.Concentrator throughput reached the nameplate capacity of 2 Mtpa vs 1.8 Mtpa design capacity. The Company intends to push the throughput further to 2.1 Mtpa level by H2 2020.The recovery rates at Amursk POX remained stable quarter-on-quarter though it decreased in comparison with the previous year as starting from Q3 the Company increased the share of gold contained in low-carbon concentrate processed at Amursk POX in response to noticeable tightening of markets in China. In the reporting quarter, Polymetal completed a FS-level technical study to re-optimize the open pit and updated Ore Reserves estimate. The new estimate comprises 8.5 Moz of gold at an average grade of 6.3 g/t. This represents 1.5 Moz increase in gold contained in comparison with the reserves as at the end of 2018, mostly in open pit. Total life of mine extended by eight years to 2047 with open-pit mining ending in 2031. DUKAT OPERATIONS 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Underground development, km14.515.0-3%59.559.6-0% Ore mined, Kt620595+4%2,5152,426+4% Grade Gold, g/t 0.60.5+12% Silver, g/t 278286-3% PROCESSING Omsukchan concentrator Ore processed, Kt523500+5%2,0581,995+3% Grade Gold, g/t0.40.5-16%0.50.5-8% Silver, g/t266288-8%285297-4% Recovery1 Gold83.8%86.7%-3%85.6%86.7%-1% Silver84.6%88.0%-4%86.3%88.2%-2% Production Gold, Koz5.87.0-18%27.429.5-7% Silver, Moz3.74.0-8%15.816.4-4% Lunnoye plant Ore processed, Kt113116-2%461463-0% Grade Gold, g/t1.41.5-7%1.41.3+5% Silver, g/t251318-21%256327-22% Recovery1 Gold83.9%84.2%-0%86.7%85.1%+2% Silver92.9%91.7%+1%91.8%91.3%+1% Production Gold, Koz4.04.6-12%18.016.7+8% Silver, Moz0.81.1-24%3.54.4-20% TOTAL PRODUCTION Gold, Koz9.811.5-15%45.446.2-2% Silver, Moz4.55.1-11%19.320.8-7% Note: (1) Technological recovery, includes gold and silver within work-in-progress inventory.At Dukat, quarterly silver and gold production were down 11% and 15% year-on-year respectively. The decline was primarily driven by the Omsukchan concentrator processing larger volumes of lower-grade ore as well as a fall in recoveries due to processing of material from Goltsovoye crown pillars. Mining at Goltsovoye was completed and the operation has been transferred to care and maintenance. Grades at Lunnoye plant also decreased in line with the budget on the back of depletion of higher-grade Zone 9. ALBAZINO-AMURSK 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt 4.5 5.4-17% 21.2 21.3-1% Underground development, Km 3.1 2.3+32% 10.8 9.2+17% Ore mined, Kt536 412+30%2,133 1,784+20% Open-pit 370 317+17% 1,555 1,379+13% Underground 166 95+74% 578 405+43% Gold grade, g/t 4.05.2-22% Open-pit 3.95.2-25% Underground 4.45.0-12% PROCESSING Albazino concentrator Ore processed, Kt 433 432+0% 1,736 1,724+1% Gold grade, g/t 5.1 5.6-9% 4.6 5.3-13% Gold recovery188.4%86.2%+3%86.6%85.7%+1% Concentrate produced, Kt37.937.4+1%143.9143.1+1% Concentrate gold grade, g/t50.855.2-8%47.754.5-12% Gold in concentrate, Koz261.866.4-7%220.8250.7-12% Amursk POX Concentrate processed, Kt2439-38%159170-6% Gold grade, g/t 55.5 55.2+0% 51.2 56.9-10% Gold recovery96.5%96.2%+0%95.4%96.7%-1% Gold produced, Koz 30.0 67.5-55% 241.1 307.9-22% TOTAL PRODUCTION Gold, Koz30.0 67.5-55%241.1 307.9-22% Notes: (1) To concentrate(2) For information only; not considered as gold produced and therefore not reflected in the table representing total production. Included in total production after dore production at the Amursk POXAt Albazino, FY2019 performance was affected by processing of lower grade ore from Ekaterina-1 open pit. As a result, both quarterly and yearly gold in concentrate volumes were down 7% and 12%, respectively. Mining at Ekaterina-1 was completed in August and the increased volume of underground ore from Ekaterina-2 positively contributed to quarter-on-quarter grade dynamics. The recovery rate increased in Q4 year-on-year as processing of near-surface partial oxidized ore from Ekaterina-2 pit ended.The total gold output for the full year amounted to 241 Koz, a 22% decline year-on-year. Apart from decrease in production from Albazino concentrate, this was driven by lower volumes of third-party feed processed at the POX plant. In October, the plant underwent a planned 3-week shutdown.AMURSK POX 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 Concentrate processed, Kt4145-10%211176+20% Albazino2031-37%142147-3% Mayskoye04-97%05-97% Kyzyl162NM522NM Other148-44%1723-26% Gold recovery93.3%96.1%-3%94.1%96.7%-3% Average gold grade, g/t87.258.1+50%70.157.5+22% Average sulphur grade17.0%14.5%+17%13.4%10.0%+35% Total gold produced2, Koz92.074.5+24%429.5314.9+36% Albazino29.653.7-45%208.1256.4-19% Kyzyl62.07.0NM188.47.0NM Other10.413.8-97%33.051.5-36% Notes: (1) Veduga and purchased concentrates which are included in reportable production in the Albazino segment. (2) For information only. Already accounted for in production at operating mines.Gold production at the Amursk POX increased by 24% in Q4 and 36% in 2019 year-on-year driven by the introduction of high-grade Kyzyl concentrate to the feed. The output from Veduga concentrate amounted to 28 Koz for the full year. The 3% year-on-year decline in recovery is attributable to processing of large volumes of Kyzyl concentrate starting from Q2. In Q4, the recovery rate slightly contracted in comparison with the previous quarter as different mixes were tested to include optimal quantities of Kyzyl concentrate with relatively high carbon content.OMOLON OPERATIONS 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt1.81.5+19%7.06.1+14% Underground development, Km3.03.2-5%12.912.9+0% Ore mined, Kt790356NM2,9731,014NM Open-pit673227NM2,522627NM Underground117129-9%451387+17% Grade Gold, g/t 3.05.0-40% Silver, g/t 1874-76% PROCESSING Kubaka Mill Ore processed, Kt222220+1%834862-3% Grade Gold, g/t6.58.2-21%6.45.7+13% Silver, g/t10837+194%9598-3% Recovery1 Gold95.2%95.7%-1%95.5%95.5%-0% Silver77.3%75.4%+3%79.0%86.4%-9% Gold production, Koz45.252.9-14%164.3152.7+8% Silver production, Moz0.70.2+221%2.12.3-10% Birkachan Heap Leach Ore stacked, Kt-39-100%897997-10% Gold grade, g/t-1.1-100%1.21.1+5% Gold production, Koz3.03.0+1%14.112.9+9% TOTAL PRODUCTION Gold, Koz48.355.8-14%178.4165.5+8% Silver, Moz0.70.2+221%2.12.3-10% Note: (1) Technological recovery, includes gold and silver within work-in-progress inventoryAt Omolon, gold production in Q4 was down 14% while silver production was up three-fold year-on-year driven by processing of stockpiled Oroch ore.In Q4, there was no heap leach stacking and the gold was produced from the feed stacked in the previous quarters. Full-year gold production increased by 8% year-on-year to 178 Koz as the Kubaka mill processed larger volumes of higher grade ore from Birkachan and Olcha underground.Silver grade in ore mined for the full year declined drastically due to Sopka full depletion, while Birkachan open pit was recommenced and Yolochka launched in 2019. VARVARA 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt11.26.8+64%45.428.7+58% Ore mined, Kt991864+15%3,9433,139+26% Grade Gold, g/t 1.31.3-2% Copper, float ore, % 0.30%0.59%-50% PROCESSING Leaching Ore processed, Kt723755-4%2,9913,079-3% Gold grade, g/t1.41.4-1%1.51.4+5% Gold recovery186.6%89.1%-3%86.8%88.1%-1% Gold production (in dore), Koz26.729.7-10%123.4118.2+4% Flotation Ore processed, Kt148159-7%559456+23% Grade Gold, g/t2.31.5+49%1.51.4+5% Copper0.37%0.67%-45%0.49%0.59%-18% Recovery1 Gold77.8%78.5%-1%69.5%72.5%-4% Copper87.0%92.5%-6%90.5%92.2%-2% Production Gold (in concentrate), Koz6.14.3+41%13.311.7+14% Copper (in concentrate), Kt0.50.9-51%2.32.4-4% Veduga ore toll processed, Kt21422-35%113108+4% Total ore processed, Kt885936-5%3,6633,642+1% 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 TOTAL PRODUCTION Gold, Koz32.834.0-4%136.7129.9+5% Copper, Kt0.50.9-51%2.32.4-4% Note: (1) Technological recovery, includes gold and copper within work-in-progress inventory. Does not include toll-treated ore(2) To be further processed at Amursk POX.At Varvara, full-year gold output increased by 5% to reach 137 Koz driven by higher mining and railing volumes at Komar.Quarterly production was down 4% on the back of introduction of ore with lower grade and recovery from Komar into feed at the leaching circuit. In the meantime, gold production in concentrate at the flotation circuit was up 41% as the concentrator was processing higher grade third party ore. MAYSKOYE 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt1.41.4-3%5.45.0+8% Underground development, km5.06.4-22%20.523.9-14% Ore mined, Kt175 239-27%813 1,005-19% Open-pit3 91-97%178 372-52% Underground172 148+16%635 633+0% Gold grade, g/t 6.16.4-5% Open-pit 7.08.0-13% Underground 5.95.5+7% PROCESSING Ore processed, Kt220221 -1%878861 +2% Gold grade, g/t 5.8 5.9 -2% 6.1 7.1 -14% Gold recovery 90.3%85.2%+6%82.1%79.1%+4% Gold in concentrate, Koz236.835.6 +3%131.6119.8 +10% Gold produced in dore from concentrate (POX), Koz \- 6.7 -100% - 7.4 -100% Gold produced in dore from carbon, Koz38.223.5 -65%14.224.6 -42% Payable gold in concentrate shipped to off-takers, Koz44.239.6+12%114.584.9+35% TOTAL PRODUCTION Gold, Koz52.469.8-25%128.7116.9+10% Notes: (1) To concentrate(2) For information only; not considered as gold produced and therefore not reflected in the table representing total production. Included in total production upon sale to off-taker or dore production at Amursk POX(3) Gold produced from carbon at Voro and Amursk POXIn Q4, the Mayskoye plant was processing sulfide ore only, hence the production was positively impacted by higher recoveries. Gold in concentrate produced during the quarter increased by 3%, while full-year gold in concentrate produced was up 10%. Full-year gold production totaled 129 Koz, a 10% increase over 2018. SVETLOYE 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt0.30.2+42%1.40.7+111% Ore mined (open pit), Kt300339-11%1,5731,317+19% Gold grade, g/t 3.83.8+0% PROCESSING Ore stacked, Kt333234+42%1,3011,378-6% Gold grade, g/t3.23.5-9%3.83.7+2% Gold recovery 80.7%80.7%+0% TOTAL PRODUCTION Gold, Koz26.523.3+14%133.5135.3-1% At Svetloye, quarterly production grew by 14% year-on-year on the back of higher stacking volumes following extension of the stacking season until December due to poor weather conditions in the first nine months of 2019. VORO 3 months ended Dec 31,% change12 months ended Dec 31,% change 2019201820192018 MINING Waste mined, Mt0.20.6-71%1.33.4-60% Ore mined, Kt285371-23%9461,150-18% Gold grade Primary, g/t 3.23.5-9% Oxidised, g/t 1.63.2-51% PROCESSING Voro CIP Ore processed, Kt267251+6%1,0501,003+5% Gold grade, g/t2.93.7-22%3.53.9-10% Gold recovery185.4%81.8%+4%86.3%81.0%+7% Gold production, Koz19.926.6-25%91.298.8-8% Voro Heap Leach Ore stacked, Kt29-NA8762+42% Gold grade, g/t1.1-NA1.31.4-7% Gold recovery 76.6%73.2%+5% Gold production, Koz2.01.8+8%14.67.6+93% TOTAL PRODUCTION Gold, Koz21.828.4-23%105.9106.4-0% Note: (1) Technological recovery, includes gold within work-in-progress inventoryOpen-pit mining at Voro is completed. The technical studies to determine the feasibility of underground mining are under way and expected to be finalized in Q1 2021.The company is currently preparing the initial Ore Reserves estimate for Saum and Pescherny satellite deposits with the results of both to be presented in Q2 2020\. Mining of oxide ore at Saum will start in 2020 for processing at Voro CIP circuit.DEVELOPMENT UPDATEAt Nezhda, mining and construction proceeded according to schedule. The concentrator building was fully winterized, equipment installation will start in January. Construction of foundations for flotation and thickening sections is under way, tails thickener foundation completed. The haulage road between the mine and the concentrator was built, the construction of the two bridges on this road continues. At POX-2, detailed engineering and contracting is ongoing. In Q4, the front-end section of the water treatment plant was contracted (conventional filters from Coralina Engineering, South Africa and reverse osmosis system from Hydrotech, Russia). The autoclave foundation was completed. The vessel to carry the autoclave from the port of Antwerp to the mouth of Amur river was chartered and expected to sail in late July.SUSTAINABILITY, HEALTH AND SAFETYIn Q4, Polymetal had five work-related incidents, which include four minor injuries and one severe injury. No fatalities occurred in the second half of the year. Overall LTIFR in 2019 amounted to 0.19 (versus 0.09 in 2018). The increase was driven by minor incidents of slipping and tripping that occurred on site.Safety remains a top priority for Polymetal and we continue focusing on further improvements across health and safety metrics and target zero fatalities in relation to our employees and contractors on our sites.In line with the Company's continued emphasis on sustainability and corporate social responsibility, management expects the Board to consider and approve the following changes to safety-related CEO and relevant senior managements' KPIs for 2020: * Switch from LTIFR to days lost due to work-related injuries (Disability) as a Health and Safety KPI while penalty factor of up to 50% of the annual bonus earned for non-safety-related KPIs in case of fatal/severe accidents remains unchanged. * Inclusion of long-term disabilities and fatalities occurring at our contractors into KPI calculation (a 50% penalty factor in case of fatalities/severe injuries will also be applied). * Introduction of an additional ESG KPI in the Group CEO bonus structure with a total weight of 10%.According to the updated remuneration structure, the share of the two sustainability related KPIs (health & safety and ESG) in the annual bonus structure will constitute 35%.All the changes will be cascaded down to the operational management level.PERSONNEL Dmitry Galchuk (35) succeeded Mikhail Yegorov (60) as Managing Director of Dukat effective from January 1, 2020. Dmitry joined Polymetal in 2011 as the Chief Engineer at Lunnoye and was most recently the head of Lunnoye plant. He graduated from Norilsk Industrial Institute with the degree in Underground mining. * * * ISIN: JE00B6T5S470 Category Code: MSCH TIDM: POLY Sequence No.: 42113 EQS News ID: 959171 End of Announcement EQS News Service

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  • EQS Group

    Polymetal: ESG ratings upgrades

    Polymetal International plc (POLY) 20-Aug-2019 / 09:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *Release timeIMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY Date20 August 2019 Polymetal International plc ESG ratings upgradesPolymetal received a rating of A (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. Additionally, ISS-Oekom Corporate Rating was upgraded to C+. Following the 2019 review of the MSCI ESG Ratings assessment, Polymetal's overall score improved from BBB to A. MSCI ESG Research provides in-depth research, ratings and analysis of the environmental, social and governance-related business practices of thousands of companies worldwide. The research is designed to provide critical insights that can help institutional investors identify risks and opportunities that traditional investment research may overlook. The MSCI ESG Ratings are also used in the construction of the MSCI ESG Indexes, produced by MSCI, Inc. In July 2019, ISS-Oekom upgraded Polymetal's rating from C to C+. The Company showed significant progress in all Social and Governance Rating indicators (including Staff and Suppliers, Society and Product Responsibility and Corporate Governance and Business Ethics) and Eco-efficiency indicator. The Company's Controversy Level was evaluated as minor.Polymetal supports the UN Global Compact, EITI, CDP, Cyanide Code and Global Reporting Initiative. The Company is part of the leading sustainability indices, including among others Dow Jones Sustainability Index, MSCI ESG Leaders and FTSE4Good and rated by Sustainalytics.To learn more about Polymetal's sustainability initiatives, please visit https://www.polymetalinternational.com/en/sustainability or see the Company's latest sustainability report "Integrating Sustainability Throughout".About Polymetal Polymetal International plc (LSE, MOEX, AIX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries Media Investor Relations FTI Consulting Leonid Fink Viktor Pomichal+44 20 3727 1000PolymetalEugenia OnuschenkoTimofey KulakovKirill Kuznetsovir@polymetalinternational.com+44 20 7887 1476 (UK) +7 812 334 3666 (Russia) Joint Corporate Brokers Morgan StanleyAndrew FosterRichard Brown Panmure Gordon Charles Lesser James Stearns+44 20 7425 8000 +44 20 7886 2500RBC Europe LimitedMarcus JacksonJamil Miah+44 20 7653 4000 FORWARD-LOOKING STATEMENTSTHIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED * * * ISIN: JE00B6T5S470 Category Code: MSCL TIDM: POLY Sequence No.: 17240 EQS News ID: 859749 End of Announcement EQS News Service

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