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Russian miner Polymetal boosts H1 revenue 88 pct

Wed Jul 23, 2008 2:02am EDT

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MOSCOW, July 23 (Reuters) - Russian miner Polymetal (PMTLq.L) boosted first-half revenue by 88 percent to $258 million on higher precious metal prices and the elimination of its hedge position on silver sales, the company said on Wednesday. Polymetal said in a statement gold production rose 20 percent year-on-year to 136,000 ounces in the first six months of 2008. Silver sales rose 11 percent to 8.8 million ounces.

Polymetal reiterated its full-year 2008 production targets of 250,000-270,000 ounces of gold and 17 million to 18 million ounces of silver. (Reporting by Robin Paxton)



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