Polyus

Polyus PJSC is the largest gold producer in Russia and one of the top 5 gold miners globally. Polyus operates 5 mines located across the Russian Far East and eastern Siberia focused on primary gold production with its flagship asset, the Olimpiada which is the largest gold mine in Russia.

Olimpiada accounts for over a third of the company’s total production. Olimpiada, along with the Blagodatnoye and Natalka mines, are located in the Krasnoyarsk region of Russia. The Kuranakh mine and alluvial operations are situated in the Republic of Sakha in eastern Siberia. Additionally, Polyus is developing the large Sukhoi Log gold deposit, which has reserves of 60 million ounces and is expected to start production in 2026.

In 2022, Polyus produced 2.4 million ounces of gold, up 11% over 2021 output. The company generated annual revenue of $4.3 billion, EBITDA of $2.6 billion, and net income of $1.4 billion. Polyus has a strong balance sheet, ending 2022 with $2 billion in cash and an average debt maturity profile over 5 years. 

The company offers an attractive dividend policy pegged to free cash flow, and expects to invest $1.3-1.4 billion in growth projects during 2023 including continuing development at Sukhoi Log and debottlenecking initiatives at Olimpiada and Blagodatnoye mines to expand production.