RNC narrows loss

Kyzyl ramp-up signals new growth path at buoyant Polymetal

polymetal international

The Toronto-based company said its improved performance was owing to a trebling of gold production from its 100%-owned Beta Hunt mine, in Western Australia, to 31,360 ounces, helping push sales for the quarter up 175% 23,805oz.

But RNC said it had generated more than $10 million EBITDA in the third quarter, and with less than half of the low-cost, high-grade gold production sold in the third quarter, setting the company up for a bumper fourth quarter that would generate significant additional EBITDA.

Kyzyl ramp-up signals new growth path at buoyant Polymetal

polymetal international

Revenue for the three-month period rose 74% year-on-year to $18.4 million, mainly owing to the improved performance of Beta Hunt, where significant grade improvements supported the operation.

All-in sustaining costs decreased by 36% to US$1,006/oz sold, compared with $1,609/oz in the third quarter of 2017.

RNC's 27% share of metal contained in concentrate production from the Reed mine, in Manitoba, was 780,000t of copper, at AISC of S$0.58/lb copper sold, compared to $1.57 in the prior year period.

RNC closed 18.46% in the red in Toronto on Tuesday at C53c, giving it a market value of $200.5 million.