Polymetal International plc reported production results for fourth quarter and full year ended December 31, 2016. For the quarter, the company announced that ore mined was 4,186 kt compared to 3,555 kt for the same period a year ago. Ore processed was 2,824 kt compared to 2,532 kt for the same period a year ago. Gold production was 285 Koz compared to 219 Koz for the same period a year ago. Silver production was 7.0 Moz compared to 7.2 Moz for the same period a year ago. Copper production was 0.2 kt compared to 0 kt for the same period a year ago. Gold equivalent production was 375 Koz compared to 310 Koz for the same period a year ago.

For the year, the company announced that ore mined was 13,380 kt compared to 12,679 kt for the same period a year ago. Ore processed was 11,417 kt compared to 10,821 kt for the same period a year ago. Gold production was 890 Koz compared to 861 Koz for the same period a year ago. Silver production was 29.2 Moz compared to 32.1 Moz for the same period a year ago. Copper production was 1.5 kt compared to 0.8 kt for the same period a year ago. Gold equivalent production was 1,269 Koz compared to 1,267 Koz for the same period a year ago.

For the quarter, the company's revenue was $524 million against $391 million a year ago.

For the year, the company's revenue was $1,583 million against $1,441 million a year ago. Net debt as at 31 December 2016 decreased to $1,329 million from $1,469 million as of 30 September, and remained broadly unchanged year-on-year.

The company reconfirmed its production guidance for 2017 and 2018 of 1.40 Moz and 1.55 Moz of gold equivalent, respectively. Traditionally, production in both years will be skewed towards the H2. The increase in production in 2017 will be driven by Varvara (Komar), Okhotsk (Svetloye), molon, and Kapan. This should offset the grade declines at Dukat and Voro.

The capital expenditure guidance for 2017 is $370 million, an increase of $30 million compared to the previous guidance.