Polymetal ups 2012 output guidance to 1.1 mln ounces

MOSCOW Wed Oct 17, 2012 2:29am EDT

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MOSCOW Oct 17 (Reuters) - Russian precious metals miner Polymetal slightly raised its 2012 output guidance to 1.1 million troy ounces from an earlier estimate of 1 million troy ounces, on the back of strong performance, the company said on Wednesday.

Polymetal, which joined London's FTSE 100 index last year, said it expected to produce 1.2 million troy ounces of gold equivalent in 2013, including 760,000-800,000 troy ounces of gold and 23-24 million ounces of silver and 5,000-6,000 tonnes of copper.

It said its 2012 - 2013 production guidance was revised down by 50,000 troy ounces, or down roughly 2 percent, mostly due to a delay in the expected commissioning of its Mayskoye concentrator.

Gold equivalent is a measure of gold and other metals expressed in units of gold.

The mining major kept its 2014 production guidance unchanged at 1.4 million troy ounces of gold equivalent. Its third quarter gold equivalent production surged 48 percent to 818,000 troy ounces compared to the same period last year.