Polymetal International plc reported group production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported gold production of 299 Koz compared to 212 Koz for the same period a year ago. Silver production was 5.5 Moz compared to 5.7 Moz last year. Gold equivalent production was 391 Koz compared to 310 Koz last year. Gold sales was 337 Koz compared to 268 Koz for the same period a year ago. Silver sales was 8.1 Moz compared to 7.8 Moz last year. Copper sales were 729 tonnes compared to 1,204 tonnes last year.

For the year, the company reported gold production of 945 Koz compared to 805 Koz for the same period a year ago. Silver production was 28.7 Moz compared to 27.2 Moz last year. Copper production was 1,631 tonnes compared to 4,841 tonnes last year. Gold equivalent production was 1,431 Koz compared to 1,282 Koz last year. Gold sales was 943 Koz compared to 818 Koz for the same period a year ago. Silver sales was 29.3 Moz compared to 27.4 Moz last year. Copper sales were 1,029 tonnes compared to 6,165 tonnes last year. Net debt at 31 December 2014 decreased by USD 83 million compared to 30 September 2014 to USD 1,249 million (this figure already includes the liability for special dividend payable) as the company continued to generate free cash flow driven by of strong operating and cost performance. Net debt at 31 December 2013 was USD 1,045 million.

The company reported group unaudited revenue results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue of USD 513 million compared to USD 492 million for the same period a year ago.

For the year, the company reported revenue of USD 1,689 million compared to USD 1,715 million for the same period a year ago. Net debt was USD 1,249 million compared to USD 1,045 million last year.

The company reiterated its production guidance of 1.35 Moz of GE for 2015 and 2016. Capital expenditure in 2015 is expected to total approximately USD 240 million (including exploration, capitalised stripping and spending on the Kyzyl project). This guidance is heavily dependent on the RUB/USD exchange rate, inflation in Russia, and oil price dynamics and is based on management's current estimates of these variables in 2015.