Russian gold mining group PJSC Polyus increased gold production in 2023 by 14% to 2.902 million ounces, and achieved a strong increase in profits.
The company's adjusted net profit jumped by 59% to $2.413 billion during the reporting period. Revenue increased by 28% to $5.436 billion. EBITDA was up 51% to $3.889 billion compared to 2022.
The group's cash costs decreased by 25% to $389 per ounce. Total costs (AISC) decreased by 23% to $754 per ounce.
The company noted that strong financials were the result of the weakening of the ruble, an increase in the gold content at processing plants in Krasnoyarsk, as well as a greater effect from the sale of by-products.
Polyus expects that its gold production in 2024 will decrease to 2.7 - 2.8 million ounces due to lower grades at the Olimpiada deposit.
PJSC Polyus is the largest gold producer in Russia. The company is also among the largest gold miners in the world in terms of volume and reserves. The group's enterprises are located in the Krasnoyarsk Territory, Irkutsk and Magadan regions, as well as in the Republic of Yakutia.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
