PJSC Polyus (LSE, MOEX: PLZL) (“Polyus”, or the “Company”) notes that Fitch Ratings (“Fitch”) has upgraded the Company’s Long-term Issuer Default Rating to ‘BB+’ from ‘BB’, with Stable Outlook.
The new rating reflects the Company’s strong business profile and credit metrics, achieved as a result of pro-active debt management with a total of USD 1.1 billion repaid since the end of 2019. The rating upgrade is also supported by Polyus’ industry-leading cost position and status as the world’s fourth-largest gold producer by output, as well as the Company’s substantial gold reserves.
According to Fitch, Polyus’ financial profile is well placed ahead of the expected launch of the Sukhoi Log development project in 2022.
Mikhail Stiskin, Senior Vice President, Finance and Strategy, commented:
This latest rating upgrade from Fitch is another important recognition of our balanced and conservative financial policy, strong operational profile, and well-developed corporate governance system, which adheres to best international standards. We are carefully preparing Polyus for the start of the development of Sukhoi Log, which will represent a new transformative stage for the Company.
Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore Reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
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Forward looking statement
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 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.