Solidcore, formerly known as Polymetal, reported a significant increase in its figures for the second quarter of 2024. Gold production increased by 37% year-on-year to 135 thousand ounces of gold equivalent. Sales volume grew 2.2 times to 176 thousand ounces of gold equivalent. The sales growth was driven by the successful sale of Kyzyl concentrate stockpiles, which were previously frozen due to logistical issues.
Solidcore's revenue jumped 2.6 times to $409 mln, thanks to higher gold prices and positive production dynamics. The company's net cash position increased from $155 mln to $357 mln. Solidcore reaffirms its production forecast for 2024, expecting to reach 475 thousand ounces of gold equivalent.
Polymetal is a large international company engaged in the mining and processing of precious metals such as gold and silver. Founded in 1998, it is headquartered in London and is active in Russia and Kazakhstan.
Earlier it was reported that Mechel's Chelyabinsk plant will buy out the property of Guryevsky Metzavod in Kuzbass, and Ilya Zhelnov, owner of Eurasia Logistics, bought out a grain terminal in Taganrog.