Press releases

Operating Results for the First Half of 2023

PJSC Polyus ("Polyus" or the "Company") today releases its 1H 2023 operating results for the period ending 30 June 2023.


  • Volumes of ore mined increased 30% to 36,471 thousand tonnes, compared to the first half of 2022, reflecting the intensification of mining at the fourth stage of the pit at Olimpiada and at the third stage of the pit at Blagodatnoye.
  • Volumes of ore processed amounted to 23,591 thousand tonnes, remaining flat on the corresponding period of the previous year.
  • Recovery rate improved to 82.7% compared to 81.8% in the first half of 2022, mainly due to higher head grades at Olimpiada and Blagodatnoye.
  • Doré gold output stood at 1,428 thousand ounces in the first half of 2023, up 20% compared to the first half of 2022.
  • Total gold output increased 36% and amounted to 1,448 thousand ounces compared to 1,068 thousand ounces in the same period of the previous year. This growth was driven by:
    • Higher grades in ore mined at Olimpiada as Polyus conducted mining activities at high-grade areas of the Vostochny pit.
    • An increase in refined gold production at Blagodatnoye, driven by higher head grades.
  • Flotation concentrate output increased to 94.5 thousand tonnes with volumes of gold contained in flotation concentrate amounting to 221.2 thousand ounces.
  • Polyus reiterates production guidance for 2023 within the range of 2.8 — 2.9 million ounces.


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Forward looking statements

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 of the date of this announcement. Polyus and/or any Polyus Company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.