PJSC Polyus («Polyus» or the «Company»), the largest gold producer in Russia, today releases its 2Q 2017 and 1H 2017 Operating results for the period ending 30th June 2017.
1H 2017 Highlights
- Total gold output increased 12% y-o-y to 938 koz driven by higher production volumes at Olimpiada and Verninskoye
- Volumes of ore mined increased 29% y-o-y to 17,8 mt as a result of mining volumes growth at Olimpiada, Kuranakh and commencement of full-scale mining activity at Natalka.
- Volumes of ore processed increased 5% y-o-y to 13,6 mt with throughput capacity expansion projects at Company’s core assets either being completed or entering the second stage of implementation.
- Gold sales amounted to $1,217 million (up 14% y-o-y) with the average selling price (incl. the impact from the Strategic Price Protection Programme (SPPP)) of $1,263/oz, 2% above the LBMA spot price.
- Net debt decreased to $3,084 million from $3,128 million as of the end of 1Q 2017 and $3,241 million as of the end of 2016.
2Q 2017 Highlights
- Total gold output increased 7% y-o-y to 488 koz (up 8% q-o-q).
- Volumes of ore mined increased 33% y-o-y to 9,2 mt (up 7% q-o-q).
- Volumes of ore processed rose 6% y-o-y to 7,0 mt (up 4% q-o-q) with higher volumes of ore treated at Olimpiada, Blagodatnoye, Verninskoye and Kuranakh.
- Volumes of ore mined increased 57% y-o-y to 9.1 mt (up 33% q-o-q).
- Quarterly gold sales amounted to $617 million (up 9% y-o-y) with the average selling price (incl. the impact from the SPPP) of $1,268/oz, 1% above the LBMA spot price.
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 statements» 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 Company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.