WOOD Flash – Polyus: 1Q20 trading update – broadly flat yoy, but weaker qoq
Polyus released its 1Q20 trading update this morning (23 April). Total payable gold production was down 26% qoq, after the very strong 4Q19, but down only 1% yoy, to 582koz. This was due largely to a build-up in unrefined dore inventories, as dore and slimes output was down only 8% qoq, +1% yoy, to 660koz. This was due to a seasonal fall in alluvial output, but also reductions at the other main assets, due to scheduled plant maintenance. However, grades and mined volumes fell at Olimpiada, due to higher stripping works, which is a small negative.
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