Polymetal International

Polymetal International PLC is a leading gold and silver producer in Russia and Kazakhstan. The company has a portfolio of 9 operating mines and a number of development and exploration projects, primarily focused on gold, silver and copper.

The company’s key producing assets include the Kyzyl and Varvara mines in Kazakhstan, and the Omolon, Dukat, Voro, and Nezhda mines in Russia, which made up 58% of 2022 gold equivalent output. In addition, Polymetal is advancing the large Sukhoi Log project in Russia, which holds almost a third of Polymetal’s total reserves and is expected to start production in 2026.

In the first half of 2023, Polymetal produced 764,000 ounces of gold equivalent, a 3% increase over the prior year period. The company generated revenue of $1.3 billion, EBITDA of $559 million and underlying net income of $261 million. Polymetal maintains a net debt position of $2.6 billion as of mid-2023 at a net debt-to-EBITDA ratio of 2.25x.

In 2023, Polymetal expects to produce approximately 1.7 million ounces of gold equivalent and offers an attractive dividend policy that is set based on the company’s free cash flow pay-out ratio.