August 21, 2018 / 6:54 AM / in a month

UPDATE 1-Russia's Polymetal H1 net income up 46 pct y/y

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MOSCOW, Aug 21 (Reuters) - Russian gold and silver producer Polymetal said on Tuesday its net income rose 46 percent year-on-year to $175 million in the first half of 2018 due to an increase in production and higher sales.

The company, part-owned by businessman Alexander Nesis, recently launched its Kyzyl mine in Kazakhstan, which will produce 80,000 troy ounces of gold this year.

“We expect stronger production and free cash flow generation for the second half and remain focused on steadily progressing our further growth pipeline, including full ramp-up of Kyzyl,” Vitaly Nesis, Polymetal chief executive and brother of Alexander Nesis, said in a statement.

Polymetal recommended an interim dividend payment of $0.17 per share and said its revenue rose 16 percent to $789 million, while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 19 percent to $305 million. Analysts polled by Reuters expected it at $301 million.

The company said it was on track to produce 1.55 million ounces of gold equivalent, which is a mix of gold and other metals, in 2018. Its total cash costs (TCC) are expected to be within the range of $650-700 per ounce. (Reporting by Diana Asonova and Polina Devitt; Writing by Polina Devitt; Editing by Maria Kiselyova and Mark Potter)

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