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.
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.
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
2019 OUTLOOK
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.
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.
Polymetal legt die folgenden Informationen zu bestimmten Aktienplänen offen.
In Übereinstimmung mit den Bedingungen des Performance Share Plan („PSP“) des Unternehmens wurden 8.847 Stammaktien des Unternehmens ohne Nennwert an bestimmte Personen ausgegeben, von denen keine Direktoren oder PDMRs sind. Weitere Informationen zum PSP finden Sie im Jahresbericht und Jahresabschluss des Unternehmens, die auf der Website des Unternehmens unter www.polymetalinternational.com verfügbar sind.
Anträge wurden bei der London Stock Exchange und UKLA auf der offiziellen Liste eingereicht, und die Aktien werden voraussichtlich am 27. August 2021 zum Handel an der London Stock Exchange zugelassen. Nach der Zulassung wird das gesamte ausgegebene Aktienkapital der Gesellschaft 473.585.104 Stammaktien umfassen nennwertlos, jede mit einer Stimme.
Bin heute mit einer ersten Tranche eingestiegen! Damit ich auf diesselbe Positionsgröße komme, die ich bei Barrick bereits habe, fasse ich demnächst nochmal günstig nach. Nach meinem Ermessen ist dies für mich ein guter Zeitpunkt. So wie bei den letzten 20 Positionen, bei denen das wichtigste Ziel lautet: Kapitalerhalt Endlich wieder ein Titel aus dem Osten, was mich freut!
----------- MfG bauwi Die Freiheit des Menschen liegt nicht darin, daß er tun kann, was er will, sondern das er nicht tun muß, was er nicht will.
wenn die Einsicht kommt, und die Währungen an der Lunte zu brennen beginnen. Hier bekommt man einen der günstigsten Explorer. Um die 15 € könnten wir noch sehen.
----------- MfG bauwi Die Freiheit des Menschen liegt nicht darin, daß er tun kann, was er will, sondern das er nicht tun muß, was er nicht will.
Die Umsatz- und Gewinnerwartungen der Analysten wurden in den letzten Monaten mehrfach nach unten korrigiert. Man war wohl von weiter steigendem Goldpreis ausgegangen. Die Dividende scheint durch die Gewinne trotzdem einigermaßen sicher abgedeckt zu sein. Die weitere Kursentwicklung wird von der Entwicklung des Goldpreises abhängen.
gestern raus! Diese eklatante Kursschwäche ist nicht mehr auszuhalten, wenn man kein Masochist ist. Genauso hab ich's mit einem brasilianischen Titel gemacht, der nur noch nach Süden rauscht. Short macht mehr Sinn!
----------- MfG bauwi Die Freiheit des Menschen liegt nicht darin, daß er tun kann, was er will, sondern das er nicht tun muß, was er nicht will.
alfredi
: Verlust realisiert und günstiger nachgekauft
Die Dividende ist relativ stabil, die Produktion ist günstig. Für mich ein langfristiges Investment. Den Verlust verrechne ich mit den Gewinnen aus der Standard Lithium Aktie. So senke ich die Steuerlast.
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