Polymetal International (LSE: POLY) published FY2017 financial results. The company reported 15% YoY revenue increase to $1,815mn in FY17, driven by 13% YoY production growth. Gold sales were up 24% YoY to 1,090 koz; silver sales were down 14% to 25.6 moz. According to the production report, GE production growth was due to the ramp-up at Svetloye and good performance of Varvara hub, Omolon, and Amursk-Albazino. The average realized gold price was up 2.5% YoY to $1,247/oz, and silver price was $16.1/oz, down 1.2% YoY. The company’s total cash cost increased 15% YoY to $658/GE oz in FY17, driven by the Russian ruble appreciation (from 67.1RUB/$ in 2016 to 58.3RUB/$ in 2017). All-in sustaining cash costs (AISC) also increased 15% YoY to $893/GE oz. Polymetal reported adjusted EBITDA at $745mn, down 2% YoY in FY17.