Press releases

Trading Update for the Second Quarter of 2021

PJSC Polyus («Polyus» or the «Company») today releases its 2Q 2021 operating results for the period ending 30 June 2021.


  • Total gold output amounted to 671 thousand ounces, compared to 592 thousand ounces in the first quarter of 2021. This increase was driven by higher production volumes of refined gold across all deposits, as well as the start of the washing season at Alluvials and the recommencement of heap leaching operations at Kuranakh.
  • Volumes of ore mined amounted to 17,026 thousand tonnes, up 2% on the previous quarter, driven by higher ore volumes mined at Kuranakh, Verninskoye and Natalka.
  • Volumes of ore processed increased 9% quarter-on-quarter to 12,169 thousand tonnes, primarily due to the start of heap leaching operations at Kuranakh and higher processing volumes at Verninskoye and Blagodatnoye.
  • Recovery rate increased to 82.6%, compared to 81.6% in the previous quarter, driven by higher recoveries at Olimpiada, Blagodatnoye and Natalka.
  • Estimated gold sales amounted to $1,230 million, up 21% compared to the previous quarter, with an estimated weighted-average gold selling price of $1,815/oz (up 2% on the first quarter of 2021).
  • As at 30 June 2021, the estimated net debt stood at $2,366 million, compared to $2,074 million as at the end of the previous quarter and $2,506 million on 30 June 2020.


  • Total gold output was 1,263 thousand ounces, down 2% compared to the first half of 2020. Doré volumes totalled 1,308 thousand ounces, down 5% year-on-year.
  • Volumes of ore processed increased 4% to 23,295 thousand tonnes, reflecting improved performance across all operating assets following the implementation of expansion projects.
  • Recovery rate stood at 82.1%, down 1.4 ppts from the prior-year period, primarily driven by a decrease in recoveries at Olimpiada and Blagodatnoye.
  • Estimated gold sales increased 12% year-on-year to $2,247 million, with an estimated weighted-average gold selling price of $1,803/oz (up 8% on the first half of 2020).
Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:

Our strong operational performance over the quarter reflects both improvements on recovery side and ongoing throughput capacity expansion, as well as the start of the washing season at Alluvials and the recommencement of heap leaching operations at Kuranakh.

Our throughput capacity expansion projects yield solid results, with total volumes of ore processed increased to above 23 million tonnes in the first half of 2021, a 4% increase year-on-year.

Polyus continues to examine new brownfield opportunities within its existing operations. We have recently announced new growth projects at Olimpiada and Kuranakh, in addition to ongoing projects at Blagodatnoye and Natalka.

Based on our operational results for the first half of 2021, we reiterate production guidance for 2021 of approximately 2.7 million ounces.«

Conference call information

Polyus will host an analyst conference call on 12 August 2021 at 2 pm London time (4 pm Moscow time) to present and discuss the second quarter operating results.

To join the conference call, please dial:

Conference ID: 6121635

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

+1 646-828-8193 (Local access)
888-220-8474 (Toll free)

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

To access the replay, please dial:

Passcode: 6121635

+44 207 660 0134

+1 719-457-0820

810 800 2702 1012


Investor and Media contact

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

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.