Polymetal posts 10% drop in FY profit

A stronger Russian rouble has offset the double-digit production growth that precious metals miner Polymetal achieved in 2017, resulting lower earnings before interest, tax, depreciation and amortisation (Ebtida) and net earnings. The mining company, which operates in Russia, Kazakhstan and Armenia, on Monday reported a 15% revenue increase to $1.8-billion for 2017, but said that the gains were eroded by currency movements, resulting in adjusted Ebitda falling by 2% to $745-million.