PJSC Polyus (LSE, MOEX — PLZL) (Polyus or the Company) notes that S&P Global Ratings (S&P) has upgraded its long-term issuer credit and issue ratings on Polyus from ’BB-’ to ’BB’. The outlook is stable.
In assigning Polyus a ‘BB’ Rating, S&P highlighted the Company’s adherence to its prudent financial policy. The upgrade also reflects Polyus’ strengthening credit metrics, supported by growth in gold production, a strong liquidity position, positive free operating cash flow generation and the successful execution of its development projects.
Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented:
We see this rating action as clear recognition of the company’s financial policy track record in recent years. We are also pleased that S&P have referenced the Company’s strong production results and governance standards as factors behind their decision to raise Polyus to ’BB’.
Polyus is the largest gold producer in Russia and one of the top ten gold miners globally with the lowest cost position. Based on its 2017 Ore Reserves and Mineral Resources, Polyus group ranks second both by attributable gold reserves and gold resources among the world’s largest gold mining companies.
The Polyus group’s principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
Victor Drozdov, Director Investor Relations
+7 (495) 641 33 77
Victoria Vasilyeva, Director Public Relations
+7 (495) 641 33 77
Forward looking statements
This announcement may contain forward-looking concerning Polyus and/or Polyus group. Generally, the words will, may, should, could, would, can, continue, opportunity, believes, expects, intends, anticipates, estimates or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus’ and/or Polyus group’s operations. Many of these risks and uncertainties relate to factors that are beyond Polyus’ and/or Polyus group’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.