Polymetal's Q4 Revenue Soars 35%

Polymetal, Russia's biggest silver producer, boosted fourth-quarter revenue of 35 percent as it sold more of the precious metal and ramped up output.

Revenue climbed to $116 million from $86 million a year earlier and fell from $125 million in the preceding quarter, Polymetal said in a statement Wednesday. Silver sales jumped 35 percent to 5.4 million ounces, and gold sales rose 21 percent to 80,000 ounces in the quarter.

Polymetal exceeded its full-year output forecast for gold by at least 2 percent, producing 285,000 ounces, while meeting its silver target of 17.2 million ounces. The company said on Oct. 20 that it would produce between 260,000 and 280,000 ounces of gold and between 16.5 million and 17.5 million ounces of silver.

Company founder Alexander Nesis, whose brother Vitaly is CEO, bought back control of the company from billionaire Suleiman Kerimov in June together with partners Alexander Mamut and Czech billionaire Petr Kellner's PPF Group.

Polymetal CEO Vitaly Nesis said on a conference call on Wednesday that the firm plans capital spending at as much as $170 million this year.