Polymetal steigert Goldproduktion um 48% in Q3/12
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Vassago : POLY.L 911 GBP
Polymetall meldet Produktionszahlen für Q3/17
- In Q3 2017, Polymetal achieved a record production of 470 Koz of gold equivalent (GE), which represents a 26% increase over the previous year. The increase was driven by strong contributions from the fully ramped up Svetloye heap leach operation (Okhotsk hub) and Mayskoye oxide ore processing. Albazino and Varvara also achieved record quarterly production levels.
- In the first nine months of 2017, the Company produced 1,028 Koz of GE, a 15% increase over the previous year and in line with the FY2017 production plan of 1.4 Moz of GE.
- Q3 gold output increased 38% year-on-year to 370 Koz. Silver production declined 7% year-on-year to 7.4 Moz due to the planned grade decline at the Dukat underground mine.
- Q3 sales amounted to US$ 546 million, up 17% over the previous year as gold sales jumped 50% on the back of higher output and prices. The timing gap between silver production and sales is expected to be fully closed in Q4 2017.
- At Kyzyl, construction is progressing on schedule. During the quarter, all major processing equipment has been installed with external electrical infrastructure now fully operational. Construction activities are now focused on finalising the tailings storage facility. The project remains on track to produce its first concentrate in Q3 2018.
- During the quarter, the Company generated free cash flow which was used to pay US$ 60 million in interim dividends (US$ 0.14 per share) and a US$ 20 million consideration for a stake increase in the Nezhda gold property. The Company will continue to generate free cash flow in the fourth quarter. Net debt increased marginally from US$ 1,583 million as of June 30 to US$ 1,599 million as of September 30, 2017.
- The Company is on track to meet its FY2017 production guidance of 1.4 Moz of GE at TCC of US$ 600-650/GE oz and AISC of US$ 775-825/GE oz. Cost guidance remains contingent on the Rouble/Dollar exchange rate dynamic that has a significant effect on the Group?s Rouble-denominated operating costs.
- Polymetal re-confirms its production guidance for FY2018 at 1.55 Moz of GE and for FY2019 at 1.7 Moz of GE.
- Polymetal will be hosting an Analyst and Investor Day on November 13 in London to provide an update on key development projects.
?Our operational performance in the third quarter was very robust and the Company remains on track to meet its annual production and cost guidance?, said Vitaly Nesis, Group CEO of Polymetal, commenting on the results. ?Meanwhile, Kyzyl continues to advance towards first concentrate production in less than a year?s time?.
Vassago : POLY.L 852 GBP
Polymetal meldet Produktionszahlen für 2017
Polymetal produced 405 Koz of gold equivalent (GE) in Q4 2017, an 8% increase over the same period in the previous year. Total GE production for FY 2017 increased 13% year-on-year to 1,433 Koz, 2% above our initial production guidance of 1,400 Koz. The strong finish to 2017 was driven by contributions from the fully ramped-up Svetloye heap leach (Okhotsk hub), as well as a strong performance at Komar (Varvara hub), Omolon and Amursk-Albazino.
Gold production in Q4 was 317 Koz, an 11% increase year-on-year, while silver production was down 6% to 6.6 Moz due to the planned grade decline at the Dukat underground mine. Full year gold production totaled 1,075 Koz, a 21% increase year-on-year, allowing Polymetal to join the prestigious 1Moz club, the second LSE premium-listed gold company to achieve this important milestone.
The Kyzyl project is progressing on schedule with commissioning expected to start in July and first concentrate expected in mid-August 2018. During the quarter, the Company completed the tailings storage facility and installed the ROM ore crusher unit. First ore has been mined from the open pit in January, ahead of schedule.
Net debt stood at US$ 1,421 million as of December 31, 2017. This represents a substantial US$ 178 million decrease compared with the previous quarter end as free cash flows benefited from the traditional seasonal de-stockpiling at a number of operations.
In 2017, Polymetal paid out US$ 138 million in dividends, translating into a 2.7% dividend yield based on the average share price for the year. The Board has decided that there will be no special dividend for 2017 as free cash flow will be distributed to shareholders through the regular dividend at an increased pay-out ratio of 50% of underlying net income. The final dividend for 2017 will be proposed by the Board in March 2018 based on final financial results
Ice-Nine coming : Bald Kaufkurse
Toi, toi, toi den bereits Investierten. Hier in DE sollten es ja nicht wirklich sehr viele sein, die POLY im Depot haben.
Vassago : POLY.L 602 GBP (-17%)
Vassago : POLY.L 672 GBP
Polymetal meldet Produktionszahlen für Q1/18
Polymetal produced 295 Koz of gold equivalent (?GE?) in the first quarter of 2018, a 5% year-on-year (?y-o-y?) increase. Strong performances at Albazino, Varvara, and Svetloye more than compensated for the grade-driven decline at Omolon.
Gold production for the quarter increased 8% over the previous year to 214 Koz, while silver production decreased by 3% to 6.0 Moz.
Q1 revenues increased 19% year-on-year to US$ 354 million driven by volume growth, higher commodity prices, and lesser impact from seasonal refinery closures (compared to the previous year). Silver sales traditionally lagged production due to the seasonal increase in concentrate inventories. This working capital build-up is expected to reverse by year-end, whereas gold sales volumes were largely in line with production.
At Kyzyl, construction activities are anticipated to complete slightly ahead of schedule. Dry commissioning of the processing plant is expected to start on June 1st, while first concentrate production is expected on August 1st.
Net debt increased from US$ 1,421 million as at 31 December 2017 to US$ 1,578 million as at 31 March 2018, primarily due to the accumulation of silver inventory and seasonal advance purchases of diesel fuel and other consumables. Free cash flow generation in 2018 will, as is usual for Polymetal, be weighted towards the second half of the year.
The Company remains on track to produce 1.55 Moz of GE in 2018 and reiterates its annual cost guidance: total cash costs in the range of US$ 650-700/ GE oz and AISC costs in the range of US$ 875-925/GE oz. The cost guidance remains contingent on the Rouble/Dollar exchange rate dynamic, which has a significant effect on the Group?s operating costs.
In April 2018, Polymetal increased its ownership in the Prognoz silver property to 50%, which is the largest undeveloped primary silver deposit in Russia. An updated JORC-compliant mineral resource estimate and a preliminary economic assessment for the asset will be published in Q4 2018.
We are saddened to report a fatal accident on March 3rd, 2018 at our Kapan operation in which an underground miner died from gas poisoning. The management team are currently developing a comprehensive action plan aimed at mitigating the risks associated with air quality and efficiency of ventilation in underground mines. The first steps included the purchase of additional air monitoring equipment including the introduction of remote air quality sensors throughout our operations.
Vassago : POLY.L 690 GBP
Polymetal meldet Produktionszahlen für Q2/18
- GE production for the first six months of 2018 was 619 Koz, an 11% increase year-on-year and fully in line with guidance
- Stronger production in the 2H will be driven by traditional seasonal concentrate de-stockpiling at Mayskoye, as well as first contributions from the recently launched Kyzyl operation
- Kyzyl produced first concentrate in June, one month ahead of schedule. The operation is expected to ramp up to full throughput capacity (150 Kt per month) and reach design recoveries (86%) by October 2018. The company plans to produce 80 Koz of payable gold at Kyzyl this year
- Gold sales for the quarter increased by 17%, which largely offset a 7% decline in silver sales as the Company generated a total of $435m in revenues, up 13% compared to previous year
- During the quarter the Company generated significant free cash flow. Net debt increased by approximately $75m as the company paid $129m of final dividends for FY2017 ($0.30 per share). As in prior years, we expect significantly stronger free cash flow generation in the second half of the year on the back of higher production volumes and seasonal working capital drawdowns
- Polymetal is pleased to report that no fatalities occurred in the quarter. The Group's LTIFR improved to 0.17 versus 0.19 in Q2 2017. As part of a continuous effort improve across health and safety metrics, in Q2 we have implemented two new standards - voice reporting of near-misses to improve communication underground, and an incident recording system to improve the efficiency of preventive measures
- The Company remains on track to meet its FY 2018 production guidance of 1.55 Moz of gold equivalent at TCC of $650-700/GE oz and AISC of $875-925/GE oz. Due to the seasonality of revenues, both TCC and AISC are expected to be at the higher end of the guidance range for the first half of the year. The cost guidance remains contingent on the Rouble/Dollar exchange rate dynamic that has a significant effect on the Group's Rouble-denominated operating costs. Polymetal will announce its half-yearly financial results on 22 August 2018.
Vassago : POLY.L 641 GBP
Polymetal meldet Ergebnisse für H1/18
- Revenue in 1H 2018 increased by 16% to US$ 789 million compared to 1H 2017 ("year-on-year"), primarily driven by gold equivalent (GE) production growth of 11%. Gold sales were 445 Koz, up 17% year-on-year, while silver sales were down 2% to 12.1 Moz, in line with production volume dynamics. Average realised prices largely tracked market dynamics: gold was up 6% year-on-year, while silver was down 4%.
- Group Total cash costs ("TCC")1 were US$ 683/GE oz for 1H 2018, up 4% year-on-year, and well within the Company's guidance of US$ 650-700/GE oz. All-in sustaining cash costs ("AISC")1 amounted to US$ 893/GE oz, decreasing by 1% year-on-year. Both cost measures are expected to decline in 2H on the back of seasonally higher production and sales, notably at Mayskoye and Svetloye.
- Adjusted EBITDA1 was US$ 305 million, an increase of 19% year-on-year, mostly driven by higher production volumes and commodity prices. The Adjusted EBITDA margin increased by 1% to 39% (1H 2017: 38%).
ooo Net earnings2 were US$ 175 million versus US$ 120 million in 1H 2017, reflecting an increase in EBITDA. Underlying net earnings1 increased by 32% to US$ 155 million (1H 2017: US$ 117 million).
- Regular dividends for 2017 of US$ 0.30 per share (total of US$ 136 million) were paid in May 2018. An interim dividend of US$ 0.17 per share (1H 2017: US$ 0.14 per share) representing 50% of the Group's underlying net earnings for 1H 2018 has been proposed by the Board in accordance with the dividend policy, while complying with the hard ceiling of 2.5x Net debt/Adjusted EBITDA .
- Net debt increased to US$ 1,652 million during the period (31 December 2017: US$ 1,420 million), representing 2.08x of last twelve months Adjusted EBITDA, driven by a seasonal working capital increase. As in prior years, stronger production and a traditional seasonal working capital drawdown should drive stronger free cash flow generation in 2H 2018.
- Polymetal remains on track to meet its 2018 production guidance of 1.55 Moz of gold equivalent. TCC and AISC are expected to be within the guidance range of US$ 650-700/GE oz and US$ 875-925/GE oz, respectively. This guidance remains contingent on the RUB/USD exchange rate that has a significant effect on the Group's Rouble-denominated operating costs.
JOtheViper : @ Vassago
Vassago : POLY.L 682 GBP
Polymetal erhöht seinen Anteil an Veduga Goldprojekt auf ~74%
Polymetal meldet Produktionszahlen für Q3/18
Polymetal produced 447 Koz of gold equivalent (GE) in the third quarter of 2018, down 5% year-on-year as large volumes of concentrate produced at Kyzyl (36 Koz of gold) and Mayskoye (34 Koz of gold) are to be shipped and booked as production in the fourth quarter. Gold production for the quarter was 356 Koz, down 4% year-on-year, while silver production decreased by 10% to 6.7 Moz as a result of planned grade declines at Dukat. GE production for the first nine months of 2018 was 1,066 Koz, a 4% increase year-on-year and in line with production guidance.
Kyzyl successfully ramped up to full throughput capacity of 150 Kt per month with a recovery rate of 86%. Concentrate shipments to Amursk POX and to off-takers in China commenced and are expected to match production once the new railway spur is commissioned in October. Since the start-up Kyzyl delivered 47 Koz of gold in concentrate of which 10 Koz was booked in production, and is likely to exceed its production guidance of 80 Koz of payable gold shipped for 2018. The Company will be hosting a site visit at Kyzyl on October 18-19, 2018.
Q3 revenue was down 16% year-on-year to US$ 459 million on the back of lower metal prices and lower sales volumes due to the build-up of working capital in the form of concentrate. Gold sales volumes totalled 321 Koz, while silver sales totalled 5.3 Moz.
Net debt increased to US$ 1.8 billion due to the build-up of working capital as the company paid US$ 78 million in regular dividends for 1H 2018 (US$ 0.17 per share). The Company expects to generate the bulk of free cash flow in 2018 in the fourth quarter on the back of de-stockpiling at Kyzyl and Mayskoye. Consequently, a meaningful reduction in net debt is expected to be recorded in Q4.
Polymetal had no fatalities in Q3 and recorded a meaningful improvement in the Group?s LTIFR for the second consecutive quarter and year-on-year.
Effective from 24 September, Polymetal was the first Russian company to join the Dow Jones Sustainability Index, ranking 8th among other mining companies in the index series. The Company also improved its Sustainalytics rating, coming in 1st among 47 mining companies worldwide, which made it eligible for the highest available discount on the interest rate on its ING US$ 80 million sustainability performance-linked loan.
Polymetal is likely to exceed its FY 2018 production guidance of 1.55 Moz of GE by up to 50 koz of GE. The Company reiterates its production guidance of 1.7 Moz for 2019 and 1.8 Moz for 2020 and notes that the guidance will be revised in the event of non-core asset disposals.
Given the recent weakness of the Rouble and Tenge against the US dollar, it is likely that the Company will outperform its cost guidance of US$ 650-700/GE oz for Total Cash Costs (?TCC?) and US$ 875-925/GE oz for All-in Sustaining Cash Costs (?AISC?).
Vassago : POLY.L 708 GBP
FS für das Nezhda Projekt
- Mineral Resources (inclusive of Ore Reserves) comprise of 12.4 Moz of gold equivalent (?GE?) with an average GE grade of 4.5 g/t, a 1.6 Moz increase compared with the previous estimate.
- The estimate of Proved and Probable Ore Reserves increased by 2.4 Moz of GE and now contains 38 Mt at an average grade of 3.6 g/t GE for 4.4 Moz of GE contained.
- Open-pit reserves increased by 55% from 2.0 Moz to 3.1 Moz; open-pit reserves now comprise 70% of total reserves.
- The FS envisions 25 years of production from 2021 to 2045. The life of mine plan includes 19 years of conventional open-pit mining from 2019 to 2037, and 17 years of production from underground ore from 2029 to 2045.
- The FS is based on a conventional 1.8 Mtpa flotation concentrator with gravity concentration circuit. Combined recovery to concentrate of 85% is supported by extensive external and in-house metallurgical testing.
- Gravity gold concentrate will be processed at the existing Amursk POX facility while flotation concentrates will be sold to 3rd parties. Average annual production is expected at 180 Koz during the first full 3 years of operation and 155 Koz of payable gold during the first full 15 years of operation.
- The FS has confirmed Nezhda?s low capital intensity and robust project economics:
- Pre-production capital expenditures are estimated at US$ 234 million (including capitalised pre-stripping costs).
- The project?s IRR is estimated at 29% with NPV of US$ 302 million (using a 10% discount rate, US$ 1,200/oz gold price, RUB/USD exchange rate of 63, and Brent oil price of US$ 67/bbl).
- Total cash costs (TCC) for the open pit are estimated in the range of US$ 620-670/oz of GE and all-in sustaining cash costs (AISC) in the range of US$ 700-750/oz of GE. Life of mine TCC is expected in the range of US$ 700-750/oz of GE, with AISC in the range of US$ 800-850/oz of GE.
- Pre-production capital expenditures are estimated at US$ 234 million (including capitalised pre-stripping costs).
- First production is planned for Q4 2021 with full ramp-up by Q2 2022.
- The project has been approved by the Board of Directors subject to approval from the Russian anti-monopoly service, which is expected in December 2018. Following the final statutory clearance, Polymetal plans to consolidate 100% in Nezhda.
Vassago : POLY.L 862 GBP
Polymetal meldet Produktionszahlen für 2018
The Company?s Q4 production jumped 23% year-on-year to a record 497 Koz of GE on the back of the full ramp-up at Kyzyl. FY2018 GE production of 1,562 Koz was up 9% year-on-year exceeding our original production guidance of 1,550 Koz.
Following a very smooth ramp-up, Kyzyl delivered a total of 96 Koz of gold following its launch in June, well above the original 80 Koz guidance. 2019 will be the mine?s first full-year of operation at full capacity, with targeted production of more than 300 Koz.
In Q4 net debt fell by US $301 million to US$ 1,518 million. Strong cash flow from seasonal de-stockpiling at Mayskoye supported first revenues from Kyzyl as well as proceeds from the disposal of non-core assets.
Following Board approval and the receipt of all necessary government approvals, open-pit mining and construction have commenced at Nezhda. First production is expected in Q4 2021.
Polymetal had no fatalities or major accidents in Q4. Full year safety statistics also demonstrate a meaningful improvement year-on-year.
Based on the actual 2018 average Rouble and Tenge exchange rates against the US dollar, the Company expects full year costs to come in close to the bottom of the range of its initial cost guidance of US$ 650-700/GE oz for Total Cash Costs (?TCC?) and US$ 875-925/GE oz for All-in Sustaining Cash Costs (?AISC?).
The Board has decided that there will be no special dividend for 2018 as free cash flow will be fully distributed to shareholders through the regular dividend at a payout ratio of 50% of underlying net income. A final dividend for 2018 will be proposed by the Board in March 2019 based on full-year financial results.
The Company will host a POX workshop on 11 February 2019 in London to provide an update on the Amursk POX-2 project and an overview of the POX technology
The Company reiterates its current production guidance of 1.55 Moz and 1.6 Moz of GE for 2019 and 2020, respectively. The first full-year of production at Kyzyl and an increase in grades at Omolon are expected to offset planned grade declines at Albazino, Voro and Dukat. Traditionally, production in both years will be weighted towards 2H due to seasonality.
TCC in 2019 is expected to be in the range of US$ 600-650/ GE oz while AISC is expected to average US$ 800-850/ GE oz. The anticipated decrease in costs will primarily be driven by the increasing share of low-cost production from Kyzyl, as well as the disposal of high-cost Kapan and Okhotsk. The cost guidance is contingent on the Rouble/Dollar exchange rate and Brent oil price.
Capital expenditures in 2019 are expected to be approximately US$ 380 million, in line with the previous guidance. Nezhda and POX-2 (subject to Board approval) will consume roughly half of the capex budget with the second half assigned to maintenance capital, capitalised stripping and exploration.
Vassago : POLY.L 815 GBP
Polymetal meldet Produktionszahlen für Q1/19
The Company?s Q1 gold equivalent (?GE?) production grew 27% year-on-year to 374 Koz as Kyzyl exceeded design throughput and recovery and enjoyed positive grade reconciliation. Meanwhile, a grade-driven increase in production at Omolon offset the disposals of Okhotsk and Kapan. Gold equivalent production from continuing operations was 369 Koz, up 37% year-on-year.
Q1 gold production was up 41% over the previous year at 302 Koz, while silver production was down 15% due to the planned grade decline at the Dukat underground mine. The share of gold production increased to 81% of the Group?s total output.
Kyzyl continued to demonstrate an excellent operating performance in Q1 with flotation recoveries climbing up to 89% in March, while gold production was 78 Koz with 92 Koz produced in concentrate.
Revenues increased 28% year-on-year to US$ 454 million, largely driven by a 41% uptick in gold sales compared to the prior year.
Full-scale construction activities have commenced at both the Nezhda and POX-2 projects which are expected to start up in Q4 2021 and H2 2023 respectively.
The Company is on track to produce 1.55 Moz of GE in 2019 and reiterates its full-year cost guidance: the TCC range of US$ 600-650/ GE oz while the AISC range is US$ 800-850/ GE oz. The cost guidance remains contingent on the Russian rouble and Kazakh tenge exchange rate dynamics, which has a significant effect on the Group?s operating costs.
We are saddened to report a fatal accident that occurred on 8 March at our Mayskoye operation. An underground development driller died following injury from the rotating part of the rig. In response, the Company decided to complete a comprehensive review of behavioural safety risks and potential mitigation approaches.
Net debt increased 12% during the quarter to US$ 1,704 million as at 31 March 2019, primarily due to seasonal advance purchases of diesel fuel and other consumables. On the other hand, compared to 31 March 2018, the relative leverage level has improved as 8% y-o-y increase in net debt was outpaced by the growth of profitability metrics on the back of a 28% increase in revenue. Free cash flow generation in 2019 will, as is usual for Polymetal, be weighted towards the second half of the year on the back of higher production volumes and seasonal working capital drawdowns.
As previously announced, the final dividend for 2018 of US$ 0.31 per share (approx. US$ 146 million) will be paid on 24 May 2019.
The Company will host its annual Analyst and Investor Day on 24 April 2019 in London to provide an operating asset review and exploration update.