PJSC Polyus (“Polyus” or the “Company”) today releases its 2H 2024 and FY 2024 operating results.
FY 2024 HIGHLIGHTS
- Volumes of ore mined amounted to 98,026 thousand tonnes and increased by 20% compared to the full year of 2023, reflecting higher ore volumes mined at Natalka, Blagodatnoye as well as Kuranakh, which offset lower volumes of ore mined at Olimpiada. At the same time, lower volumes of ore mined at Verninskoye due to conservation of Verninskoye deposit were compensated by ore volumes mined at Sukhoi Log's pilot pit.
- Volumes of ore processed reached 50,527 thousand tonnes, up 3% on the full year 2023, due to higher processing volumes at Kuranakh Mill related to the completion of the key initiatives of Mill’s capacity expansion program to 7.5 million tonnes per annum, as well higher processing volumes at the heap leaching operation.
- Recovery rate stood at 84.2% in the full year of 2024 compared to 83.0% in 2023.
- Doré gold output totalled 2,936 thousand ounces, a 5% increase compared to 2023.
- Total gold output increased to a new record high and amounted to 3,002 thousand ounces.
- Flotation concentrate output decreased to 87 thousand tonnes with volumes of gold contained in flotation concentrate amounting to 211 thousand ounces.
2H 2024 HIGHLIGHTS
- Volumes of ore mined declined 5% half-on-half and amounted to 47,816 thousand tonnes, reflecting lower ore volumes mined at Olimpiada and Blagodatnoye, which was partially compensated by an increase in volumes mined at Natalka as well as Kuranakh.
- Volumes of ore processed amounted to 25,712 thousand tonnes, a 4% increase on the first half of 2024, driven by a seasonal improvement at the heap leaching operation at Kuranakh, higher processing volumes at Olimpiada and Natalka.
- Recovery rate improved to 84.8% compared to 83.6% in the first half of 2024.
- Doré gold output marginally declined compared to the previous half of the year and amounted to 1,455 thousand ounces.
- Total gold output increased 4% on the first half of 2024 and totalled 1,529 thousand ounces.
PRODUCTION GUIDANCE
- Polyus anticipates gold production for the full year 2025 to be within the range of 2.5 - 2.6 million ounces. The year-on-year decline in production is expected to be mainly driven by lower grades in ore processed at Olimpiada, since Polyus completed mining activities at the fourth stage of the Vostochny pit and intensified stripping activities at the fifth stage of the pit. This process will also continue through 2026 and 2027 after which grades at Vostochny pit will recover. Thus, the Company also expects its annual production to be between 2.5 and 2.6 million ounces in 2026-2027. Meanwhile, the Company is focused on launching production on its greenfield projects (Sukhoi Log, Chulbatkan and Chertovo Koryto), which is expected to bring the Company’s annual output to 6 million ounces of gold by 2030.