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Polymetal, one of Russia’s largest gold and silver producers, said on Wednesday its 2020 net earnings rose to a record high of $1.-billion due to stronger global prices for precious metals and higher sales of gold.

“We are pleased to report record net earnings for the year amidst a challenging global backdrop,” Vitaly Nesis, Polymetal CEO said in a statement.

Its 2020 revenue rose by 28% to $2.9-billion as gold and silver prices jumped by 27%.

The company’s board of directors recommended a final dividend for 2020 of $0.89 per share, or $419-million in total, Polymetal said. This will bring the total 2020 dividend to $608 million.

The miner is on track to produce 1.5-million troy ounces of gold equivalent, which is a mix of gold and other metals, in 2021 and 1.6-million ounces in 2022, it said. Its 2021 total cash costs are expected in the range of $700/oz to 750/oz