Polymetal under stress

POLYMETAL projects have been held up as it battles the ‘tremendous pressure’ of sanctions.

A company review by the Russian precious metals producer has led to the indefinite suspension of Polymetal’s Pacific POX project, while its POX-2 plant in Russia is set for a ‘six-month slippage’ due to supply chain hurdles. It expects to start production in Q2 2024.

The company reported a 4pc increase in revenue to £484m for the first quarter of the year thanks to higher gold prices.

Chief executive Vitaly Nesis said the firm was impacted by the ‘devastating war in Ukraine’.