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Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

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Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

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Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

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Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

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ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

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Polyus increased gold production by 36% in the first half of 2023

01 september 2023

PJSC Polyus has published production and financial results for January-June 2023.

Compared to the same period of 2022, the company increased gold production by 36% to 1,447.9 ounces (45.03 tons). The volume of refined gold production increased by 15% to 1,226.7 ounces.

Polyus maintains its forecast for an increase in gold production in 2023 by 12% to 2.8 - 2.9 million ounces (87.1 - 90.2 tons).

The company expects total cash costs for the full year 2023 to remain in the range of $475 - $525 per ounce compared to the previous forecast of $500 - $550 per ounce. At the same time, the forecast of capital investments in the amount of $1.3 - $1.4 billion remains unchanged.

According to the results of the first half of 2023, the company's total debt decreased to $3.422 billion from $3.586 billion at the end of 2022 ($3.232 billion as of June 30, 2022), the report says.

As of June 30, 2023, Polyus' cash and cash equivalents were estimated at $1.734 billion against $1.317 billion as of December 31, 2022 ($780 million as of June 30, 2022). The inflow of funds was offset by payments under the repayment of Eurobonds until 2023 in the total amount of $330 million.

Earlier, Polyus reported that in the first half of the year, the company's adjusted net profit increased by 33% over the period to $1.053 billion, and revenue increased by 29% to $2.386 billion. Adjusted EBITDA increased by 37% to $1.687 billion, its profitability increased to 71% from 66% a year earlier.

The total volume of gold sales for the first half of the year amounted to 1,261 million ounces, an increase of 24%.

Polyus is the fourth largest gold mining company in the world in terms of production volumes and the largest gold mining company in terms of gold ore reserves. The main production facilities are located in Siberia and the Far East of Russia: in the Krasnoyarsk Territory, Irkutsk, Magadan regions and in the Republic of Sakha (Yakutia).

Alex Shishlo for Rough&Polished