Polyus increased gold production by 14% in 2023 – Kommersant
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Russia’s largest gold mining company Polyus (MOEX: PLZL) in 2023 increased gold production by 14% compared to 2022, to 2.902 million troy ounces. Polyus’ revenue last year increased to $5.4 billion from $4.3 billion in 2022.
According to financial statements Polyus, over the past year the company managed to sell 2.908 million ounces of gold. Compared to the results of 2022, the figure increased by 20%. The company explained the growth by an increase in production volumes at Olimpiada and Blagodatnoye. According to Polyus, this year gold production will decrease to 2.7-2.8 million ounces.
Polyus’ total cash costs decreased year-on-year to $389 per ounce by the end of December 2023. Among the factors that negatively affected this indicator, the company names the weakening of the ruble, the ongoing inflation of the cost of consumables, wage indexation, and an increase in electricity tariffs.
The company’s adjusted EBITDA for 2023 reached $3.9 billion, up from $2.6 billion in 2022. Capital expenditures decreased from $1.1 billion in 2022 to $1.04 billion at the end of 2023.
Polyus is the largest Russian gold miner. The company is also one of the top three world leaders in gold reserves; its proven and probable reserves according to the international classification amount to 97 million ounces. Polyus’ key production facilities are located in Siberia and the Far East. The main shareholders of the company are MCAO Wandle Holdings Limited (46.35%) and the Akropol group (29.99%). Another 22.5% of shares are in free float.
Read more about the Russian gold mining sector in the Kommersant article. “Russian gold went on chains”.
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