Precious metal price surge boosts Russian miner Polymetal
Polymetal is among a clutch of mining giants to have been boosted by the surge in precious metals prices.
Russian miner Polymetal today said that earnings hit a record high in 2020 as surging precious metal prices boosted the firm’s profit.
The FTSE 100 firm said that earnings reached $1.1bn last year, up from $483m in 2019. In addition, revenue jumped 28 per cent to $2.9bn.
A combination of higher production volumes, higher commodity prices, and lower costs combined to send earnings soaring, Polymetal said.
Gold and silver prices climbed 27 per cent last year as investors sought safe haven assets to protect their wealth amid the pandemic.