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Polymetal (POLY)

TheMotorcycleBoy
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Re: Polymetal (POLY)

#373249

Postby TheMotorcycleBoy » January 5th, 2021, 7:43 am

I noticed that POLYs price motored by 9.3% yesterday.

Gold also rose sharply on that day by almost 3%
https://www.gold.co.uk/gold-price/week/ounces/GBP/

I'm also about this TR1 posting https://www.investegate.co.uk/chesterfi ... 30265657J/ which (I'm only just starting to try to decode this class of RNS) I think implies that Chesterfield opened a position of 23,333,334 shares @ about £16.90, i.e. almost £0.4B.

Matt

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Re: Polymetal (POLY)

#373261

Postby Bouleversee » January 5th, 2021, 8:10 am

I don't understand your conclusion, Matt (they seem to have bought 23% which is a lot for a first investment) but thanks for drawing this to our attention. I wonder who was selling and why. I was kicking myself a couple of weeks ago for not taking a profit before the price started to fall back but perhaps it's just as well I didn't now that things have turned nasty again. They have done very well for me.

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Re: Polymetal (POLY)

#373307

Postby TheMotorcycleBoy » January 5th, 2021, 9:32 am

Bouleversee wrote:I don't understand your conclusion, Matt (they seem to have bought 23% which is a lot for a first investment) but thanks for drawing this to our attention. I wonder who was selling and why. I was kicking myself a couple of weeks ago for not taking a profit before the price started to fall back but perhaps it's just as well I didn't now that things have turned nasty again. They have done very well for me.

Hi BV,

It's not really a conclusion as such. We all now how hard it is to infer rationale on the market. But the gold price and that TR-1 were all I could find for the SP jump.

Yes, I'm personally not tempted to profit take on this one, probably for ages. It's a good hedge against other things, and looks to be paying increasing divs.

I'm curious as to what worldly goods (in addition to jewelry and fillings) use gold and thus where the growth in this material (in addition to being a hedge) will come from in the future.

Matt

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Re: Polymetal (POLY)

#373320

Postby 77ss » January 5th, 2021, 9:58 am

TheMotorcycleBoy wrote:.....

I'm curious as to what worldly goods (in addition to jewelry and fillings) use gold and thus where the growth in this material (in addition to being a hedge) will come from in the future.

Matt


I don'y think you need to look any further than the 'jewellery' market in India and China.

Between them, they probably account for some 50% of demand - the global 'jewellery' demand accounts for some 75% of production.

Electronics is the other major end-market - and that ain't declining.

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Re: Polymetal (POLY)

#373468

Postby TheMotorcycleBoy » January 5th, 2021, 3:28 pm

77ss wrote:
TheMotorcycleBoy wrote:.....

I'm curious as to what worldly goods (in addition to jewelry and fillings) use gold and thus where the growth in this material (in addition to being a hedge) will come from in the future.

Matt


I don'y think you need to look any further than the 'jewellery' market in India and China.

Between them, they probably account for some 50% of demand - the global 'jewellery' demand accounts for some 75% of production.

Electronics is the other major end-market - and that ain't declining.

I didn't realise the jewellery market was that big. As well as electronics, I think gold gets used in several "space" technologies.

https://www.gold.org/about-gold/gold-de ... es-of-gold

Matt

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Re: Polymetal (POLY)

#373494

Postby Bouleversee » January 5th, 2021, 4:51 pm

Quite an education, Matt. I didn't know much of that and thought it was platinum which was used in c.cs., which are increasingly being stolen from cars parked outdoors.

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Re: Polymetal (POLY)

#373648

Postby PinkDalek » January 6th, 2021, 12:04 am

TheMotorcycleBoy wrote:... I'm also about this TR1 posting https://www.investegate.co.uk/chesterfi ... 30265657J/ which (I'm only just starting to try to decode this class of RNS) I think implies that Chesterfield opened a position of 23,333,334 shares @ about £16.90, i.e. almost £0.4B.


A couple of points in reverse order of importance:

1. The closing notifiable holding would be as shown but, for other occasions, merely because “Position of previous notification (if
applicable)” is blank, doesn’t mean there was no existing holding whatsoever.

2. That TR1 is reflecting Polymetal’s holding in Chesterfield Resources plc (MV some £14m). :)

Edit: Background here https://www.londonstockexchange.com/news-article/CHF/polymetal-to-buy-22-5-strategic-stake/14769660

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Re: Polymetal (POLY)

#373662

Postby TheMotorcycleBoy » January 6th, 2021, 6:57 am

PinkDalek wrote:
TheMotorcycleBoy wrote:... I'm also curious about this TR1 posting https://www.investegate.co.uk/chesterfi ... 30265657J/ which (I'm only just starting to try to decode this class of RNS) I think implies that Chesterfield opened a position of 23,333,334 shares @ about £16.90, i.e. almost £0.4B.

2. That TR1 is reflecting Polymetal’s holding in Chesterfield Resources plc (MV some £14m). :)

Ah ha!

Many thanks for this PD. To be honest I'm still trying to figure out how TR1 postings work. I did post a question about TR1s ages ago on one of boards but didn't get a particularly clear answer, IIRC. So using this TR1 as an example, is it because Chesterfield is in the field marked 1a. that it is CHF's shares that are being bought and since Poly is in field 3 they (Poly) are the buyer?

Image

In other words would my initial post have been correct if the names in boxes 1a. and 3 had been swapped?

1. The closing notifiable holding would be as shown but, for other occasions, merely because “Position of previous notification (if
applicable)” is blank, doesn’t mean there was no existing holding whatsoever.

Thanks again, I had some prior knowledge about this, but wasn't sure of the details. Is it because the buyer only needs to state the earlier position if it exceeds a particular size?

Matt

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Re: Polymetal (POLY)

#373761

Postby PinkDalek » January 6th, 2021, 10:58 am

I think the answers are, broadly, yes, yes & yes.

If you want to delve into the Disclosure Guidance and Transparency Rules sourcebook it should be here:

https://www.handbook.fca.org.uk/handbook/DTR.pdf

Chapter 5 covering the Notification Rules & 5.1 being the 5.1 Notification of the acquisition or disposal of major shareholdings with some of the relevant disclosure %s. I recall those %s change in a bid situation but will be the first to admit I haven't looked recently at the detail.

What I haven't found is what must be instructions from which the "iii" & "iv"s etc derive.

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Re: Polymetal (POLY)

#373870

Postby Bouleversee » January 6th, 2021, 2:49 pm

Why I was confused was that the print is so small on both my laptop and tablet that Matt's £0.4B looks like £0.48 to me and since I always show billions as bn. I am afraid I didn't twig.

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Re: Polymetal (POLY)

#407292

Postby richfool » April 27th, 2021, 9:19 am

Polymetal doing its bit to combat climate change:

Date 27 April 2021

Polymetal International plc

Climate Change Report 2021

Polymetal publishes its first Climate Change Report ("Report") setting a strategic goal to reduce Greenhouse Gas ("GHG") emission intensity by 30% by 2030.

"Polymetal is fully committed to combat climate change. Today we publicly announce our ambitious 10-year target to cut our GHG emission intensity by 30% by 2030", said Vitaly Nesis, Group CEO of Polymetal. "This initiative is supported by detailed action plan and becomes a part of the company-wide motivation system." In the Climate Change Report 2021, Polymetal commits to the following targets based on the Paris Agreement principles (to be in line with a "2 degrees" trajectory):

Reduce GHG emission intensity per ounce of gold equivalent by 30% by 2030 (2019 baseline, covering Scopes 1 and 2) including the intermediate target of 15% reduction by 2025.
Reduce absolute GHG emissions by 35% by 2030.
Develop long-term GHG reduction goals until 2050 by the end of 2022.
Develop the plan to achieve carbon neutrality by the end of 2022.
Set Scope 3 targets by the end of 2022.
https://www.investegate.co.uk/polymetal ... 0008ELUIE/

I recently reduced my holding of Polymetal (POLY)

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Re: Polymetal (POLY)

#407294

Postby Bouleversee » April 27th, 2021, 9:28 am

richfool said:

"I recently reduced my holding of Polymetal (POLY)"

Why?

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Re: Polymetal (POLY)

#407334

Postby richfool » April 27th, 2021, 11:34 am

Bouleversee wrote:richfool said:

"I recently reduced my holding of Polymetal (POLY)"

Why?

Mainly to reduce single company risk, (noting that most of my holdings now are IT's). Also partly because gold seems to have finished its momentum run (or at least run out of steam for the time being), and bearing in mind that I do get exposure to gold through my holdings of CYN (City Natural Resources trust) and BERI (Blackrock Energy & Resources trust).

I sold 30% of my holding and retained the remaining 70%. Do you think I should have stayed in there?

Noted there is a large ex-dividend coming soon, - the final on 6th May (89 cents per share)..

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Re: Polymetal (POLY)

#407367

Postby Bouleversee » April 27th, 2021, 1:35 pm

Thanks for response. I asked because I was wondering what to do with mine. I seem to recall analysts saying recently that gold miners were likely to go up again and their latest report was encouraging so I was hoping to see a return to the heights of last July, especially since they have not yet gone x -d for that big dividend you mentioned, instead of which they seem to be on a downward trek again. I haven't got a very large holding and it has done pretty well for me so I shall probably hang on for the time being which I may well regret later. I certainly wouldn't presume to criticise your decision. I should perhaps be doing the same but I have enough cash a.t.m.

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Re: Polymetal (POLY)

#437566

Postby richfool » August 26th, 2021, 12:37 pm

Polymetal International plc:

Polymetal: Half-yearly report for the six months ended 30 June 2021


FINANCIAL HIGHLIGHTS

Revenue in 1H 2021 increased by 12% to US$ 1,274 million compared to 1H 2020 ("year-on-year") driven by higher metal prices. Average realised gold and silver prices tracked market dynamics and increased by 8% and 59%, respectively. Gold equivalent ("GE") production was 714 Koz, a marginal decrease of 1% year-on-year. Gold sales remained stable year-on-year at 595 Koz but lagged production by 40 Koz mainly due to concentrate in transit build-up at Kyzyl. Silver sales were down 19% to 8.0 Moz, due to a lag between silver concentrate production and sales, which is expected to close in 2H 2021.

https://www.investegate.co.uk/polymetal ... 0008EFKVE/
Polymetal International plc
Dividend declaration
Interim dividend declaration of US$ 0.45 per share
Polymetal is pleased to announce that the Board of Directors of the Company has resolved to pay an interim dividend of US$ 0.45 per share for the six months ended 30 June 2021.

In accordance with the Company's dividend policy, the Directors of Polymetal have resolved to pay an interim dividend of US$ 0.45 per ordinary share (approx. US$ 213 million) for the six months ended 30 June 2021 (1H 2020: US$ 0.40), representing 50% of the Group's underlying net income for the H1 2021 and in compliance with the hard ceiling of Net debt/Adjusted EBITDA ratio below 2.5x.

This will bring the total dividend declared in 2021 to US$ 1.34 per ordinary share, or US$ 634 million and the year-to-date dividend yield to 6.1% (based on an average share price).


The dividend will be paid on 30 September 2021 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling or Euro. Such an election should be made no later than 14 September 2021. Payments in pounds sterling and Euro will be based on the USD/GBP and USD/EUR exchange rates determined by the Company on 17 September 2021 and announced immediately thereafter.
Details

EX DIV DATE: 09 Sep 2021

RECORD DATE: 10 Sep 2021

LAST DATE FOR CURRENCY ELECTION: 14 Sep 2021

PAYMENT DATE: 30 Sep 2021

https://www.investegate.co.uk/polymetal ... 0008EFKVE/

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Re: Polymetal (POLY)

#437578

Postby Bouleversee » August 26th, 2021, 1:10 pm

Thanks for posting that, RF. I don't really understand the reason for the fall today, do you? Over 10% increase in an already good dividend. I topped up at £15.20 on 23/8, expecting the price to rise after results. Wrong again! Hopefully, they will go up again before they go x-d. A drop after that would be more understandable.

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Re: Polymetal (POLY)

#437604

Postby richfool » August 26th, 2021, 3:51 pm

Bouleversee wrote:Thanks for posting that, RF. I don't really understand the reason for the fall today, do you? Over 10% increase in an already good dividend. I topped up at £15.20 on 23/8, expecting the price to rise after results. Wrong again! Hopefully, they will go up again before they go x-d. A drop after that would be more understandable.

Yes, I'm happy with the dividend increase, on as you say, an already good dividend. I topped up at £15.045 on 16th August (anticipating equities being unsettled and gold benefiting, from talks of tapering ).

I wondered if the fall was due to either:
Gold equivalent ("GE") production was 714 Koz, a marginal decrease of 1% year-on-year. Gold sales remained stable year-on-year at 595 Koz but lagged production by 40 Koz mainly due to concentrate in transit build-up at Kyzyl. Silver sales were down 19% to 8.0 Moz, due to a lag between silver concentrate production and sales

or, - as was being said on Bloomberg this morning, - that gold is more of a currency than a commodity, and its price would likely be affected short term, by the prospect of tapering (or not) arising from the Jackson Hole meetings, and medium term by the prospects of inflation and/or higher interest rates.

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Re: Polymetal (POLY)

#443536

Postby TheMotorcycleBoy » September 19th, 2021, 11:52 am

Bouleversee wrote:Thanks for posting that, RF. I don't really understand the reason for the fall today, do you? Over 10% increase in an already good dividend. I topped up at £15.20 on 23/8, expecting the price to rise after results. Wrong again! Hopefully, they will go up again before they go x-d. A drop after that would be more understandable.

From examining the 26th August RNS in more depth, I'd wager it could be in part due to their revenue gain (which is whimsical, at market's Au price), was outstripped by an increase in cash costs (which is indicative of real current and future costs one assumes):

Financial highlights[5]                 | 1H 2021 | 1H 2020[6] | Change
Revenue, US$m | 1274 | 1135 | +12%
Total cash cost[7], US$/GE oz | 712 | 638 | +12%
All-in sustaining cash cost3, US$/GE oz | 1019 | 880 | +16%
Free cash flow3, US$m | (27) | 54 |.

Combined by FCF being negative for this period?

Sound plausible?

Matt

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Re: Polymetal (POLY)

#443569

Postby Bouleversee » September 19th, 2021, 1:45 pm

I guess so, Matt, though one might assume they expected that situation to be temporary since they increased the dividend. I hadn't looked at the s.p. recently as I have not been well so had a nasty shock when I looked it up just now and am asking myself the same question as before. Presumably partly because now ex-div. What is that likely to be in sterling? Not as much as this week's drop, I expect.

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Re: Polymetal (POLY)

#450946

Postby richfool » October 18th, 2021, 10:10 am

Polymetal International plc

Nezhda start-up

Polymetal announces first concentrate production at the Nezhda gold-silver mine.

"Starting production on schedule, first announced in Q4 2018, demonstrates Polymetal's executing strength in the face of multiple challenges", said Vitaly Nesis, Group CEO of Polymetal. "The mine should ramp-up to full capacity and start generating free cash flows by Q2 2022".

Following the completion of all construction and commissioning activities, Nezhda successfully produced first gold and silver concentrate on October 16th. This is two weeks ahead of the previously announced target date of November 1st. The concentrator now enters a ramp-up period, and is expected to reach its nameplate capacity and full design recovery by April 2022.

The 2 Mtpa open-pit mine and combined gravity/flotation concentrator were built in 38 months following the final construction decision. Total project CAPEX by the time of full ramp-up will be approximately US$ 370 million.

This year, Polymetal plans to produce up to 30 Koz of Gold Equivalent ("GE") at Nezhda with average production of 180 Koz per year in 2022-2024 at estimated AISC of US$ 850-900/oz. Further production upside is linked to the opportunity of processing ore from the high-grade Prognoz silver deposit 100% owned by Polymetal.

https://www.investegate.co.uk/polymetal ... 0004EIVYT/


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