Slumping Gold Prices Force Polymetal Towards Potential $340 Million Write Down

Bloomberg reported that Russian gold and silver miner Polymetal (LON:POLY) announced that they anticipate write downs of up to $340 million in assets on weak gold prices.

As quoted in the Bloomberg report:

The company is assessing the impact of lower commodity prices and expects a non-cash impairment charge to be recorded for the first half, mostly on the write-off of goodwill and some low-grade ore stockpiles, St Petersburg-based Polymetal said in a regulatory filing today. The charges are expected to be in the range of $280 million to $340 million, it said.

To view the whole Bloomberg report, click here.