Press releases

Trading update for the third quarter of 2021

PJSC Polyus (“Polyus” or the “Company”) today releases its 3Q 2021 operating results for the period ending 30 September 2021.


  • Total gold output increased by 15% quarter-on-quarter to 770 thousand ounces. This increase was driven by higher production volumes of refined gold across almost all deposits.
  • Volumes of ore mined amounted to 16,827 thousand tonnes, a moderate decrease on the previous quarter. On a year-on-year basis, volumes of ore mined declined by 8%, driven by lower mining activities at Olimpiada and Verninskoye due to intensified stripping activities.
  • Volumes of ore processed totalled 12,722 thousand tonnes, up 5% on the previous quarter. Year-on-year, volumes of ore processed rose by 4%, primarily due to higher processing volumes at Olimpiada, Natalka and Verninskoye.
  • Recovery rate increased to 83.0%, compared to 82.6% in the previous quarter.
  • Estimated gold sales amounted to $1,383 million, up 12% compared to the previous quarter, with an estimated weighted-average gold selling price of $1,787/oz, a 2% decline on the second quarter of 2021.
  • As at 30 September 2021, the estimated net debt stood at $1,950 million, compared to $2,366 million as at the end of the previous quarter.


  • Total gold output amounted to 2,033 thousand ounces, compared to 2,056 thousand ounces in the prior-year period, representing a 1% decline year-on-year. Volumes of doré gold totalled 2,072 thousand ounces, down 3% compared to the same period in the previous year.
  • Volumes of ore processed increased 4% to 36,017 thousand tonnes, reflecting the improved performance at Olimpiada, Natalka and Verninskoye mainly due to the implementation of throughput capacity expansion projects.
  • Recovery rate stood at 82.4%, down 1.3 ppts from the prior-year period, primarily driven by a decline in recoveries at Olimpiada and Blagodatnoye.
  • Estimated gold sales increased 5% year-on-year to $3,630 million, with an estimated weighted-average gold selling price of $1,797/oz (9M 2020: $1,755/oz).

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

We delivered solid operational results in the third quarter of 2021. Gold production stood at 770 thousand ounces, which represents a 15% increase over the preceding quarter.

Polyus continued to advance its growth projects throughout the reporting period. We have achieved growth in recovery rates at Olimpiada and Natalka, while we remain on track with the throughput capacity expansion initiatives at Olimpiada, Blagodatnoye, Natalka and Kuranakh.

At Sukhoi Log, we have completed a deep-level and flank exploration drilling campaign. We also continue to progress with the development of the Bankable Feasibility Study, the key highlights of which will be published in the second half of 2022 in line with the previously announced schedule.

I would also like to reiterate our production target for 2021, which remains unchanged at approximately 2.7 million ounces of gold.

Conference call

Polyus will host an analyst conference call on 28 October 2021 at 2 pm London time (4 pm Moscow time) to present and discuss the third quarter operating results.

To join the conference call, please dial:

Conference ID: 3946990

+44 (0)330 336 9434 (Local access)
0800 279 7209 (Toll free)

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

+7 495 646 9190 (Local access)
8 10 8002 8675011 (Toll free)

To access the replay, please dial:

Passcode: 3946990

UK +44 (0) 207 660 0134

USA +1 719-457-0820

Russia 810 800 2702 1012


Victor Drozdov, Director Communications & Investor Relations (CIR) Department
+7 (495) 641 33 77

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.