Polymetal reduced production in Kazakhstan by 3% in 2022

Polymetal reported results for 2022, which showed a reduction in production in Kazakhstan by 3% from 558 to 541 thousand ounces in gold equivalent. However, overall, the company saw a 2% increase in precious metal production on Russian and Kazakhstani assets, totalling 1,450 thousand ounces. The Kyzyl project at the Bakyrchik deposit saw a decrease of 8% in gold production, totalling 330 thousand ounces. Despite this, the fourth quarter of last year saw a 16% increase in gold equivalent production due to higher-grade ore at the Bakyrchik deposit. On the other hand, the Varvarinskoye project saw an increase of 2% in the content of precious metal in the ore and a 7% increase in gold production, totalling 211 thousand ounces.