Polyus 4Q Revenue Fell on Lower Gold Output, Prices

By Joe Hoppe

Polyus PJSC said Tuesday that fourth-quarter revenue fell on year due to lower gold production and prices.

The Russian gold miner said estimated gold sales totaled around $1.27 billion, down from $1.38 billion in the prior quarter and $1.50 billion a year before.

The company said it sold a total of 712,000 ounces of gold, down 8% on the prior quarter and down from 829,000 ounces at the same time a year earlier. The weighted average selling price of gold was $1,802 an ounce, a 1% rise on quarter but a 4% slip compared with the same time a year ago.

Total gold production for the quarter fell to 684,000 ounces from 770,000 ounces in the previous quarter due to a seasonal slowdown and scheduled maintenance.

Estimated gold sales for the full-year slipped to around $4.90 billion from $4.96 billion in 2020, reflecting a 3% fall to 2.3 million ounces sold. The company reiterated it expects an increased total gold output of around 2.8 million ounces in 2022.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

February 08, 2022 03:04 ET (08:04 GMT)

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