Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Russia’s largest gold miner Polyus posted a 33% year-on-year jump in January-June adjusted net profit on Tuesday and a 37% EBITDA increase following higher prices and increased sales.
The company’s adjusted net profit stood at $1.05 billion, with earnings before interest, taxes, depreciation and amortization (EBITDA) at $1.7 billion and revenue at $2.39 billion, up 29% year on year. Non-adjusted profit was down 59% at $558 million.
Physical sales volume rose 24%, while gold output jumped 36% to 1.45 million ounces, with the difference going into stockpiles.
Polyus, which has been hit by Western sanctions over Russia’s invasion of Ukraine and completed a $6.4 billion share buyback last month, said it could consider cancelling a portion of the repurchased shares.
($1 = 95.8600 roubles)
(Editing by Barbara Lewis)
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