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Russia's Polymetal says Q1 revenue up 4 pct y/y to $298 mln
April 19, 2017 / 6:19 AM / in 6 months

Russia's Polymetal says Q1 revenue up 4 pct y/y to $298 mln

MOSCOW, April 19 (Reuters) - Russian gold and silver producer Polymetal said on Wednesday its first-quarter revenue had risen by 4 percent year-on-year to $298 million due to higher production and higher gold prices.

The company, part-owned by businessman Alexander Nesis, said its gold equivalent production, a mixture of gold and other metals, rose by 8 percent over the same period to 280,000 troy ounces.

Polymetal is still on track to produce 1.40 million ounces of gold equivalent in 2017 at a total cash cost of $600-650 per ounce, the company added in a statement. (Reporting by Diana Asonova; Writing by Polina Devitt; Editing by Andrew Osborn)

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