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Polymetal Has Positive Q2

Precious metals miner Polymetal said Monday that its second-quarter revenue increased 26 percent year on year to stand at $315 million, driven by higher prices.

The company, Russia's top silver producer, said output of the metal rose 6 percent to 5 million ounces, bringing production in the first half of the year to 8.2 million ounces. Gold production declined 6 percent to 102,000 ounces, and first-half output was down 12 percent to 184,000 ounces.

"We are satisfied with Polymetal's operational progress in the quarter, particularly at Dukat and Albazino," said Polymetal's chief executive, Vitaly Nesis.


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