Adjusted net profit was up by 14% quarter-on-quarter, at US$663 million, with revenue up 12% qoq at US$1.4 billion.

Polyus reported total gold sales of 776,000oz, up by 14% qoq. "This reflects seasonally higher production volumes at alluvials as well as increased refined gold production volumes across almost all hard-rock deposits," Polyus said.

Polyus in October reported better-than-expected production at its mines.

The rising sales outweighed an increase in costs. Polyus' total cash cost per ounce mined rose by 9% qoq to $427/oz in the September quarter. The all-in-sustaining costs of operations rose by 4% to US$697/ozoz.

Polyus ascribed the rise primarily to a seasonal shift in output to the higher cost alluvial operations. 

But costs are well up over the year as a whole, at US$403/oz in the first nine months of 2021, an increase of 10% year on year. Polyus noted "ongoing inflation" in the price of consumables, including diesel, lifting costs.

Polyus shares in Moscow were up 2.3% at 15,239 roubles at 9.51 London time.