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Polymetal's Q4 revenue up 64% on rising gold/silver output

The Russian miner, which joined London's FTSE 100 index last year, achieved a 64% year-on-year increase in its first quarter revenue due to rising gold and silver production.

MOSCOW (Reuters)  - 

Russian precious metals miner Polymetal reported a 64-percent year-on-year increase in first quarter revenue to $377 million due to rising gold and silver production.

First quarter gold equivalent production - a measurement of gold and other metals expressed in units of gold - grew 41 percent year-on-year to 203,000 troy ounces, said Polymetal, controlled by Alexander Nesis and Alexander Mamut with Czech investor PPF.

Gold production reached 101,000 ounces and was up 24 percent, while silver production jumped 74 percent to 5.7 million ounces.

The company, which joined London's FTSE 100 index last year, said it was on track to deliver on its 2012 gold equivalent production target of 1 million ounces and expects to increase production in the second quarter.

Chief executive Vitaly Nesis said in a statement that there would be meaningful production growth in the second quarter.

Polymetal said earlier its 2012 gold output would be between 590,000 and 640,000 ounces, up from 443,000 ounces last year. Silver output was expected at between 21 million and 23 million ounces, up from 19.9 million.

At 0746 GMT, Polymetal shares were down 0.155 percent in London at 966 pence, underperforming the FTSE 100, which added 0.25 percent.

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