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.

(Reuters)

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