# Russian gold miner Polymetal’s Q3 revenue down 13% y/y
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-11-02
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Polymetal's Third-Quarter Revenue Falls by 13%
Meta Description: Despite challenges, Polymetal remains resilient in the face of lower metal prices and export hurdles, expecting positive cash flows ahead.
URL: https://financedigest.com/russian-gold-miner-polymetals-q3-revenue-down-13-y-yhtml

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MOSCOW (Reuters) -Polymetal’s third-quarter revenue fell by 13% year on year to $714 million due to accumulated inventory and lower metal prices, the Russian gold and silver producer said on Wednesday.

Polymetal has not been directly targeted by Western sanctions imposed on Moscow after it sent thousands of troops into Ukraine on Feb. 24.

But in common with other Russian [commodity producers it has suffered](https://www.financedigest.com/will-global-commodities-suffer-as-a-result-of-brexit-the-experts-at-easymarkets-think-not.html "WILL GLOBAL COMMODITIES SUFFER AS A RESULT OF BREXIT? THE EXPERTS AT EASYMARKETS THINK NOT!") an impact as Western banks and shippers have reduced dealing with Russian companies even if they are not legally bound by sanctions law.

The company has [successfully completed the restructuring of its sales](https://www.financedigest.com/makes-successful-seller-digital-agewhy-sales-professionals-must-retain-personal-touch-succeed.html "What makes a successful seller in the digital age?Why sales professionals must retain their personal touch to succeed") channels and started to unwind accumulated inventory. We expect strong positive free cash flows in the [fourth quarter,”](https://www.financedigest.com/german-gdp-contracted-by-0-4-in-the-fourth-quarter.html "German GDP contracted by 0.4% in the fourth quarter") CEO Vitaly Nesis said in a statement.

During the first nine months of 2022, a [total of 198,000 troy ounces of inventory was accumulated across](https://www.financedigest.com/total-allowable-catches-tac-and-fishing-quotas-across-the-world-turning-favourable-for-the-global-mackerel-market-sales.html "Total Allowable Catches (TAC) And Fishing Quotas Across The World Turning Favourable For The Global Mackerel Market Sales") Polymetal’s Russian mines.

However, export [sales resumed at full speed at the end](https://www.financedigest.com/eu-approves-law-to-end-sales-of-new-co2-emitting-cars-by-2035.html "EU approves law to end sales of new CO2-emitting cars by 2035") of the third quarter, Polymetal said, adding that it expects the gap between production and sales to close by the end of 2022.

Its third-quarter production of [gold equivalent (GE), a mix of gold and other metals](https://www.financedigest.com/how-to-invest-in-gold-and-other-precious-metals-for-long-term-profit.html "How to invest in gold and other precious metals for long-term profit"), grew by 7% to 490,000 ounces, the miner said.

Polymetal is on track to produce 1.7 million ounces of GE in 2022 and plans to [keep output](https://www.financedigest.com/oil-prices-rise-after-opec-keeps-output-steady-russian-price-cap-imposed.html "Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed") stable in 2023 and 2024, “contingent on supply chain risks,” it added.

(Reporting by Anastasia Lyrchikova and Polina Devitt; editing by Jason Neely, Editing by Louise Heavens)


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