Russian miner Polymetal reported a profit in the first half of 2014 and forecasts strong results for the rest of the year due to a weaker ruble and production increases in a far Eastern deposit.
While the company reported losses last year, the trend seems to be reversing because of strength in production and currency issues. Polymetal, partly owned by tycoon Alexander Nesis, reported a $100 million profit compared to a $255 million loss last year. Higher sales volume also helped to add to the increase.
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As long as precious metals prices remain steady, the company expects to see the strength continue. Shares rose 2.2% on the news.