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Operating Results for the Second Half of 2023 and Full Year 2023

PJSC Polyus (“Polyus” or the “Company”) today releases its 2H 2023 and FY 2023 operating results.


  • Volumes of ore mined amounted to 45,286 thousand tonnes compared to 36,471 thousand tonnes in the previous half of the year, reflecting higher ore volumes mined across all operating assets of the group except for Olimpiada.
  • Volumes of ore processed increased 7% on a half-on-half basis to 25,303 thousand tonnes driven by a seasonal improvement in heap leaching operations at Kuranakh as well as higher processing volumes at Olimpiada, Natalka and Verninskoye.
  • Recovery rate stood at 83.3% compared to 82.7% in the first half of 2023.
  • Doré gold output stood at 1,476 thousand ounces in the second half of 2023, a 3% increase on the first half of 2023.
  • Total gold output amounted to 1,454 thousand ounces, remaining flat compared to the previous half of the year.


  • Volumes of ore mined rose from 62,333 thousand tonnes in 2022 to 81,757 thousand tonnes in 2023, due to higher ore volumes mined at Olimpiada, Blagodatnoye and Verninskoye.
  • Volumes of ore processed reached 48,894 thousand tonnes, remaining broadly flat compared to the full year of 2022.
  • Recovery rate stood at 83.0% in the full year of 2023 compared to 81.8% in 2022.
  • Doré gold output stood at 2,903 thousand ounces in 2023, up 13% compared to the full year 2022.
  • Total gold output increased 14% year-on-year to 2,902 thousand ounces.
  • Flotation concentrate output increased to 189 thousand tonnes with volumes of gold contained in flotation concentrate amounting to 419 thousand ounces.


  • Polyus anticipates a decrease in total gold production in 2024 and set the guidance range of 2.7 — 2.8 million ounces. The year-on-year decline in production is expected to be mainly driven by lower grades in ore processed at Olimpiada.

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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 of 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.