Release time IMMEDIATE
PJSC Polyus (“Polyus” or the “Company”), the largest gold producer in Russia, today releases its operating results for 3Q 2016 and 9M 2016 to 30th September 2016.
3Q and 9M 2016 Highlights
- Total gold production in 3Q 2016 amounted to 555 koz, up 8% y-o-y and 22% q-o-q supported by seasonally higher output at Alluvials and strong performance at Olimpiada, including higher production volumes of gold in flotation concentrate (up 73% q-o-q and up 282 % y-o-y).
- Total gold output in 9M 2016 increased 7% y-o-y, to 1,395 koz.
- In 3Q 2016, volumes of ore processed were broadly in line with 2Q 2016, up 4% y-o-y.
- Quarterly gold sales estimated at $700 million (up 12% y-o-y and 24% q-o-q) with an average selling price (incl. the impact from the Strategic Price Protection Programme (SPPP)) of $1,344/oz, 1% above the LBMA spot price.
- Estimated net debt position of $3,241 million as at 30 September 2016, 7% lower q-o-q.
- Reconfiguration of Mill-1 completed in September 2016.
Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:
“I am pleased to announce that in 3Q 2016 Polyus delivered the highest level of gold production in its history, with volumes up 8% y-o-y. This was driven by a stellar operational performance including efficiency improvements across all the business units.
Based on the management’s expectations for continuing strong operational performance and the strength of our existing portfolio of advanced development projects, the Company has updated its production guidance for 2016 and now expects its total gold production in 2016 to be in the range of
The construction works at Natalka, the Company’s main greenfield project, substantially accelerated in 2016 and are expected to peak during the 1H 2017. Commencement of the early pre-commissioning activities is currently planned for the second quarter of 2017. The Company anticipates commissioning of the Natalka project by the end of 2017.”
Victor Drozdov, Director Investor Relations
+7 495 641 33 77 firstname.lastname@example.org
Artem Gorbachev, Press Secretary
+7 495 641 33 77 email@example.com
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.