Press releases

Trading Update for the First Quarter of 2021

PJSC Polyus (“Polyus” or the “Company”) today releases its 1Q 2021 operating results for the period ending 31 March 2021.

Key Highlights

  • Total gold output amounted to 592 thousand ounces, compared to 710 thousand ounces in the fourth quarter of 2020. This decline was driven by a seasonal slowdown in production at Alluvials and lower refined gold volumes at Olimpiada, Blagodatnoye and Natalka. At Blagodatnoye and Natalka, a decrease in refined gold volumes mainly reflects changes in gold in inventory at the refinery.
  • Volumes of ore mined amounted to 16,639 thousand tonnes, down 4% on the previous quarter, reflecting lower ore volumes mined at Olimpiada and Natalka.
  • Volumes of ore processed increased 7% quarter-on-quarter to 11,126 thousand tonnes, primarily due to the higher processing volumes at Olimpiada, Blagodatnoye and Natalka.
  • Recovery rate decreased to 81.6%, compared to 83.9% in the previous quarter, driven by lower recoveries at Olimpiada, Blagodatnoye and Natalka.
  • Estimated gold sales amounted to $1,017 million, down 32% compared to the previous quarter, with an estimated weighted-average gold selling price of $1,788/oz (down 4% on the fourth quarter of 2020).
  • As at 31 March 2021, the estimated net debt stood at $2,074 million, compared to $2,464 million as at the end of the previous quarter and $3,056 million on 31 March 2020.

Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:

Polyus delivered solid quarterly results, with total gold output of 592 thousand ounces. The Company continues to make progress on its brownfield projects. Our throughput capacity expansion projects at Olimpiada, Verninskoye and Natalka mines are well on track.

Progress on our large-scale growth projects, Mill No. 5 and Sukhoi Log, continues in line with the schedule. At Mill No. 5, the Company is conducting groundworks and site preparation and finalizing the tender procedures. At Sukhoi Log, we are making progress with the Feasibility Study, which should be completed in 2022.

We continue to prioritize the health and safety of our people, and all of our COVID-19 protocols remain in place. Furthermore, in February we launched a COVID-19 vaccination program across all of Polyus’ assets. We are progressing well with this program, and more than 50% of our employees are now confirmed to have antibodies against COVID-19.

Our production target for this year remains unchanged and stands at 2.7 million ounces of gold.

Conference call information

Polyus will host an analyst conference call on 26 April 2021 at 3 pm London time (5 pm Moscow time) to present and discuss the first quarter operating results.

Conference ID: : 9072895

+44 (0)330 336 9125 (Local access)
0800 358 6377 (Toll free)

+1 929-477-0324 (Local access)
800-458-4121 (Toll free)

+7 495 213 1767 (Local access)
8 800 500 9283 (Toll free)

To access the replay, please dial:


+44 (0) 207 660 0134

+1 719-457-0820

8 10 800 2702 1012


Investor and Media contact

Victor Drozdov, Director Communications & Investor Relations (CIR) Department

Forward looking statement

This announcement contains or 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.