UPDATE 1-Russian gold miner Polyus profit dented by currency losses
(Adds details, quotes, context)
MOSCOW, Nov 7 (Reuters) - Polyus, Russia's largestgold producer, on Wednesday reported third-quarter net profitdown 61 percent from a year ago to $144 million due to foreignexchange losses and other non-cash items.
The company controlled by Said Kerimov, son of Russiantycoon Suleiman Kerimov, has not been targeted by the U.S.sanctions against Moscow. Washington included Suleiman Kerimovand some other Russian businessmen on its sanctions list inApril.
Polyus said its 2018 production was on track to come in atthe upper end of its expected range of 2.375-2.425 million troyounces of gold.
Its new Natalka gold deposit in Russia's far eastcontributed $9 million to Polyus's third-quarter adjustedearnings before interest, tax, depreciation and amortisation(EBITDA), which rose 13 percent to $537 million. Natalka'sEBITDA margin was at 27 percent.
Polyus also said that its third-quarter total revenue rose12 percent to $832 million and that its 2018 total cash costs(TCC) were now expected to be below $400 per troy ounce comparedwith the previous forecast of below $425 per ounce.
(Reporting by Polina Devitt; editing by Louise Heavens)
Messaging: polina.devitt.reuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |